Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,946/mo
Lowest payment- Down payment
- $171,164
- Funds due
- $184,225
- Interest + MI left
- $117,376
- First ends
- Mar 2051
Assumption
Assumption + second
$2,834/mo
+$888/mo- Down payment
- $50,164
- Funds due
- $64,714
- Interest + MI left
- $316,003
- First ends
- Mar 2051
New loan
New conventional
$3,547/mo
+$1,600/mo- Down payment
- $50,164
- Funds due
- $60,871
- Interest + MI left
- $656,272
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $327,836 | $327,836 | $448,836 |
| Second mortgage | — | $121,000 | — |
| First P&I | $1,529.94 | $1,529.94 | $3,040.57 |
| Second P&I | — | $887.86 | — |
| Mortgage insurance | — | — | $89.77 |
| Taxes, insurance & HOA | $416.25 | $416.25 | $416.25 |
| Total housing payment | $1,946.19 | $2,834.04 | $3,546.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,164
Closing costs & prepaids$14,550
Usable credit−$0
Total buyer cash needed$64,714
Earnest money paid−$0
Remaining funds due$64,714
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,639.18
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)$598.75
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$215.02
Prepaid interest, second (9 days)$238.68
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 2.66%
Interest already paid$54,226Through Dec 2026
Assumption only · ends Mar 2051$117,376
Assumption + second · ends Mar 2051, second Jan 2057$316,003
New conventional · ends Jan 2057$656,272