Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,014/mo
Lowest payment- Down payment
- $103,069
- Funds due
- $115,487
- Interest + MI left
- $128,026
- First ends
- Oct 2051
Assumption
Assumption + second
$2,489/mo
+$475/mo- Down payment
- $44,069
- Funds due
- $57,868
- Interest + MI left
- $239,928
- First ends
- Oct 2051
New loan
New conventional
$3,197/mo
+$1,183/mo- Down payment
- $44,069
- Funds due
- $54,058
- Interest + MI left
- $571,606
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,931 | $331,931 | $390,931 |
| Second mortgage | — | $59,000 | — |
| First P&I | $1,543.48 | $1,543.48 | $2,648.30 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | — | — | $78.19 |
| Taxes, insurance & HOA | $471.00 | $471.00 | $471.00 |
| Total housing payment | $2,014.48 | $2,489.21 | $3,197.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,069
Closing costs & prepaids$13,799
Usable credit−$0
Total buyer cash needed$57,868
Earnest money paid−$0
Remaining funds due$57,868
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,659.65
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)$522.00
Initial HOA (3 months)$441.00
Prepaid interest, first (9 days)$227.53
Prepaid interest, second (9 days)$130.93
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 10 moOf the original 30-year loan at 2.78%
Interest already paid$51,014Through Dec 2026
Assumption only · ends Oct 2051$128,026
Assumption + second · ends Oct 2051, second Jan 2057$239,928
New conventional · ends Jan 2057$571,606