Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,668/mo
Lowest payment- Down payment
- $171,376
- Funds due
- $183,089
- Interest + MI left
- $100,644
- First ends
- Jan 2051
Assumption
Assumption + second
$2,600/mo
+$932/mo- Down payment
- $44,376
- Funds due
- $57,395
- Interest + MI left
- $309,121
- First ends
- Jan 2051
New loan
New conventional
$3,195/mo
+$1,527/mo- Down payment
- $44,376
- Funds due
- $53,652
- Interest + MI left
- $592,329
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $263,624 | $263,624 | $390,624 |
| Second mortgage | — | $127,000 | — |
| First P&I | $1,256.10 | $1,256.10 | $2,704.60 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | — | — | $78.12 |
| Taxes, insurance & HOA | $412.17 | $412.17 | $412.17 |
| Total housing payment | $1,668.26 | $2,600.14 | $3,194.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,376
Closing costs & prepaids$13,019
Usable credit−$0
Total buyer cash needed$57,395
Earnest money paid−$0
Remaining funds due$57,395
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%)$1,318.12
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)$471.50
Initial HOA (3 months)$315.00
Prepaid interest, first (2 days)$40.88
Prepaid interest, second (2 days)$55.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2 moOf the original 30-year loan at 2.830%
Interest already paid$47,036Through Nov 2026
Assumption only · ends Jan 2051$100,644
Assumption + second · ends Jan 2051, second Dec 2056$309,121
New conventional · ends Dec 2056$592,329