Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,680/mo
Lowest payment- Down payment
- $102,458
- Funds due
- $113,646
- Interest + MI left
- $78,528
- First ends
- Mar 2051
Assumption
Assumption + second
$2,244/mo
+$563/mo- Down payment
- $32,458
- Funds due
- $45,051
- Interest + MI left
- $211,293
- First ends
- Mar 2051
New loan
New conventional
$2,668/mo
+$988/mo- Down payment
- $32,458
- Funds due
- $41,806
- Interest + MI left
- $420,434
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,542 | $217,542 | $287,542 |
| Second mortgage | — | $70,000 | — |
| First P&I | $1,017.43 | $1,017.43 | $1,947.91 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | — | — | $57.51 |
| Taxes, insurance & HOA | $663.00 | $663.00 | $663.00 |
| Total housing payment | $1,680.43 | $2,243.66 | $2,668.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,458
Closing costs & prepaids$12,594
Usable credit−$0
Total buyer cash needed$45,051
Earnest money paid−$0
Remaining funds due$45,051
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,087.71
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)$384.00
Initial HOA (3 months)$1,155.00
Prepaid interest, first (9 days)$143.76
Prepaid interest, second (9 days)$155.34
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 3 moOf the original 30-year loan at 2.68%
Interest already paid$36,245Through Dec 2026
Assumption only · ends Mar 2051$78,528
Assumption + second · ends Mar 2051, second Jan 2057$211,293
New conventional · ends Jan 2057$420,434