Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,704/mo
Lowest payment- Down payment
- $125,376
- Funds due
- $136,944
- Interest + MI left
- $92,571
- First ends
- Mar 2051
Assumption
Assumption + second
$2,396/mo
+$692/mo- Down payment
- $39,376
- Funds due
- $52,384
- Interest + MI left
- $255,682
- First ends
- Mar 2051
New loan
New conventional
$2,905/mo
+$1,200/mo- Down payment
- $39,376
- Funds due
- $48,901
- Interest + MI left
- $505,290
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,624 | $259,624 | $345,624 |
| Second mortgage | — | $86,000 | — |
| First P&I | $1,210.29 | $1,210.29 | $2,341.38 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | — | — | $69.12 |
| Taxes, insurance & HOA | $494.00 | $494.00 | $494.00 |
| Total housing payment | $1,704.29 | $2,396.27 | $2,904.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,376
Closing costs & prepaids$13,009
Usable credit−$0
Total buyer cash needed$52,384
Earnest money paid−$0
Remaining funds due$52,384
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,298.12
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)$462.00
Initial HOA (3 months)$570.00
Prepaid interest, first (9 days)$169.64
Prepaid interest, second (9 days)$190.85
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 2.65%
Interest already paid$42,787Through Dec 2026
Assumption only · ends Mar 2051$92,571
Assumption + second · ends Mar 2051, second Jan 2057$255,682
New conventional · ends Jan 2057$505,290