Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,805/mo
Lowest payment- Down payment
- $126,080
- Funds due
- $138,000
- Interest + MI left
- $115,844
- First ends
- Nov 2051
Assumption
Assumption + second
$2,481/mo
+$676/mo- Down payment
- $42,080
- Funds due
- $55,436
- Interest + MI left
- $275,162
- First ends
- Nov 2051
New loan
New conventional
$3,052/mo
+$1,247/mo- Down payment
- $42,080
- Funds due
- $51,797
- Interest + MI left
- $545,271
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,920 | $288,920 | $372,920 |
| Second mortgage | — | $84,000 | — |
| First P&I | $1,353.73 | $1,353.73 | $2,526.29 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | — | — | $74.58 |
| Taxes, insurance & HOA | $451.00 | $451.00 | $451.00 |
| Total housing payment | $1,804.73 | $2,480.61 | $3,051.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,080
Closing costs & prepaids$13,356
Usable credit−$0
Total buyer cash needed$55,436
Earnest money paid−$0
Remaining funds due$55,436
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,444.60
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)$498.00
Initial HOA (3 months)$405.00
Prepaid interest, first (9 days)$204.46
Prepaid interest, second (9 days)$186.41
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 11 moOf the original 30-year loan at 2.87%
Interest already paid$45,003Through Dec 2026
Assumption only · ends Nov 2051$115,844
Assumption + second · ends Nov 2051, second Jan 2057$275,162
New conventional · ends Jan 2057$545,271