Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,555/mo
Lowest payment- Down payment
- $42,132
- Funds due
- $52,384
- Interest + MI left
- $103,817
- First ends
- Sep 2051
Assumption
Assumption + second
$1,830/mo
+$275/mo- Down payment
- $15,132
- Funds due
- $26,713
- Interest + MI left
- $175,864
- First ends
- Sep 2051
New loan
New conventional
$2,324/mo
+$769/mo- Down payment
- $15,132
- Funds due
- $23,471
- Interest + MI left
- $418,062
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,868 | $257,868 | $284,868 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,217.80 | $1,217.80 | $1,929.80 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $56.97 |
| Taxes, insurance & HOA | $337.00 | $337.00 | $337.00 |
| Total housing payment | $1,554.80 | $1,829.93 | $2,323.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,132
Closing costs & prepaids$11,582
Usable credit−$0
Total buyer cash needed$26,713
Earnest money paid−$0
Remaining funds due$26,713
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,289.34
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)$360.00
Initial HOA (3 months)$201.00
Prepaid interest, first (9 days)$184.39
Prepaid interest, second (9 days)$79.06
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 9 moOf the original 30-year loan at 2.9%
Interest already paid$42,012Through Dec 2026
Assumption only · ends Sep 2051$103,817
Assumption + second · ends Sep 2051, second Jan 2057$175,864
New conventional · ends Jan 2057$418,062