Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,265/mo
Lowest payment- Down payment
- $100,537
- Funds due
- $113,949
- Interest + MI left
- $156,118
- First ends
- Nov 2051
Assumption
Assumption + second
$2,676/mo
+$410/mo- Down payment
- $49,537
- Funds due
- $64,312
- Interest + MI left
- $252,846
- First ends
- Nov 2051
New loan
New conventional
$3,512/mo
+$1,247/mo- Down payment
- $49,537
- Funds due
- $60,218
- Interest + MI left
- $643,884
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $389,363 | $389,363 | $440,363 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,824.35 | $1,824.35 | $2,983.17 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | — | — | $88.07 |
| Taxes, insurance & HOA | $441.00 | $441.00 | $441.00 |
| Total housing payment | $2,265.35 | $2,675.71 | $3,512.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,537
Closing costs & prepaids$14,776
Usable credit−$0
Total buyer cash needed$64,312
Earnest money paid−$0
Remaining funds due$64,312
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,946.82
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)$588.00
Initial HOA (3 months)$234.99
Prepaid interest, first (9 days)$275.54
Prepaid interest, second (9 days)$113.18
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$60,649Through Dec 2026
Assumption only · ends Nov 2051$156,118
Assumption + second · ends Nov 2051, second Jan 2057$252,846
New conventional · ends Jan 2057$643,884