Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,651/mo
Lowest payment- Down payment
- $205,828
- Funds due
- $221,533
- Interest + MI left
- $164,850
- First ends
- May 2051
Assumption
Assumption + second
$3,679/mo
+$1,027/mo- Down payment
- $65,828
- Funds due
- $83,060
- Interest + MI left
- $394,667
- First ends
- May 2051
New loan
New conventional
$4,647/mo
+$1,996/mo- Down payment
- $65,828
- Funds due
- $78,597
- Interest + MI left
- $854,156
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $444,172 | $444,172 | $584,172 |
| Second mortgage | — | $140,000 | — |
| First P&I | $2,078.57 | $2,078.57 | $3,957.38 |
| Second P&I | — | $1,027.27 | — |
| Mortgage insurance | — | — | $116.83 |
| Taxes, insurance & HOA | $572.67 | $572.67 | $572.67 |
| Total housing payment | $2,651.24 | $3,678.51 | $4,646.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,828
Closing costs & prepaids$17,232
Usable credit−$0
Total buyer cash needed$83,060
Earnest money paid−$0
Remaining funds due$83,060
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,220.86
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$780.00
Initial HOA (3 months)$438.00
Prepaid interest, first (9 days)$298.99
Prepaid interest, second (9 days)$276.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 5 moOf the original 30-year loan at 2.73%
Interest already paid$72,960Through Dec 2026
Assumption only · ends May 2051$164,850
Assumption + second · ends May 2051, second Jan 2057$394,667
New conventional · ends Jan 2057$854,156