Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,830/mo
Lowest payment- Down payment
- $135,982
- Funds due
- $148,055
- Interest + MI left
- $107,467
- First ends
- Feb 2051
Assumption
Assumption + second
$2,571/mo
+$740/mo- Down payment
- $43,982
- Funds due
- $57,510
- Interest + MI left
- $281,958
- First ends
- Feb 2051
New loan
New conventional
$3,138/mo
+$1,308/mo- Down payment
- $43,982
- Funds due
- $53,839
- Interest + MI left
- $564,345
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,018 | $294,018 | $386,018 |
| Second mortgage | — | $92,000 | — |
| First P&I | $1,384.43 | $1,384.43 | $2,615.02 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | — | — | $77.20 |
| Taxes, insurance & HOA | $446.00 | $446.00 | $446.00 |
| Total housing payment | $1,830.43 | $2,570.68 | $3,138.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,982
Closing costs & prepaids$13,527
Usable credit−$0
Total buyer cash needed$57,510
Earnest money paid−$0
Remaining funds due$57,510
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,470.09
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)$516.00
Initial HOA (3 months)$372.00
Prepaid interest, first (9 days)$197.19
Prepaid interest, second (9 days)$204.16
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 2 moOf the original 30-year loan at 2.72%
Interest already paid$50,484Through Dec 2026
Assumption only · ends Feb 2051$107,467
Assumption + second · ends Feb 2051, second Jan 2057$281,958
New conventional · ends Jan 2057$564,345