Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,996/mo
Lowest payment- Down payment
- $161,128
- Funds due
- $174,440
- Interest + MI left
- $119,352
- First ends
- Nov 2051
Assumption
Assumption + second
$2,803/mo
+$807/mo- Down payment
- $51,128
- Funds due
- $65,907
- Interest + MI left
- $299,922
- First ends
- Nov 2051
New loan
New conventional
$3,627/mo
+$1,631/mo- Down payment
- $51,128
- Funds due
- $61,993
- Interest + MI left
- $669,485
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,872 | $347,872 | $457,872 |
| Second mortgage | — | $110,000 | — |
| First P&I | $1,562.62 | $1,562.62 | $3,101.78 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | — | — | $91.57 |
| Taxes, insurance & HOA | $433.58 | $433.58 | $433.58 |
| Total housing payment | $1,996.20 | $2,803.34 | $3,626.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,128
Closing costs & prepaids$14,779
Usable credit−$0
Total buyer cash needed$65,907
Earnest money paid−$0
Remaining funds due$65,907
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,090.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,739.36
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)$610.75
Initial HOA (3 months)$189.99
Prepaid interest, first (9 days)$213.58
Prepaid interest, second (9 days)$216.99
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 2.49%
Interest already paid$47,192Through Dec 2026
Assumption only · ends Nov 2051$119,352
Assumption + second · ends Nov 2051, second Jan 2057$299,922
New conventional · ends Jan 2057$669,485