Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,660/mo
Lowest payment- Down payment
- $131,052
- Funds due
- $142,494
- Interest + MI left
- $101,879
- First ends
- Feb 2051
Assumption
Assumption + second
$2,392/mo
+$732/mo- Down payment
- $40,052
- Funds due
- $52,946
- Interest + MI left
- $274,473
- First ends
- Feb 2051
New loan
New conventional
$2,891/mo
+$1,232/mo- Down payment
- $40,052
- Funds due
- $49,407
- Interest + MI left
- $526,304
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,948 | $268,948 | $359,948 |
| Second mortgage | — | $91,000 | — |
| First P&I | $1,278.71 | $1,278.71 | $2,438.41 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | — | — | $71.99 |
| Taxes, insurance & HOA | $381.00 | $381.00 | $381.00 |
| Total housing payment | $1,659.71 | $2,391.92 | $2,891.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,052
Closing costs & prepaids$12,894
Usable credit−$0
Total buyer cash needed$52,946
Earnest money paid−$0
Remaining funds due$52,946
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,344.74
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$480.00
Initial HOA (3 months)$213.00
Prepaid interest, first (9 days)$186.35
Prepaid interest, second (9 days)$201.95
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 2 moOf the original 30-year loan at 2.81%
Interest already paid$47,658Through Dec 2026
Assumption only · ends Feb 2051$101,879
Assumption + second · ends Feb 2051, second Jan 2057$274,473
New conventional · ends Jan 2057$526,304