Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,860/mo
Lowest payment- Down payment
- $112,116
- Funds due
- $124,166
- Interest + MI left
- $104,684
- First ends
- Mar 2051
Assumption
Assumption + second
$2,415/mo
+$555/mo- Down payment
- $43,116
- Funds due
- $56,569
- Interest + MI left
- $235,552
- First ends
- Mar 2051
New loan
New conventional
$3,088/mo
+$1,228/mo- Down payment
- $43,116
- Funds due
- $52,861
- Interest + MI left
- $558,378
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $312,884 | $312,884 | $381,884 |
| Second mortgage | — | $69,000 | — |
| First P&I | $1,434.94 | $1,434.94 | $2,587.02 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | — | — | $76.38 |
| Taxes, insurance & HOA | $425.00 | $425.00 | $425.00 |
| Total housing payment | $1,859.94 | $2,415.13 | $3,088.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,116
Closing costs & prepaids$13,453
Usable credit−$0
Total buyer cash needed$56,569
Earnest money paid−$0
Remaining funds due$56,569
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,564.42
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)$510.00
Initial HOA (3 months)$315.00
Prepaid interest, first (9 days)$192.87
Prepaid interest, second (9 days)$153.12
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 2.5%
Interest already paid$48,730Through Dec 2026
Assumption only · ends Mar 2051$104,684
Assumption + second · ends Mar 2051, second Jan 2057$235,552
New conventional · ends Jan 2057$558,378