Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,303/mo
Lowest payment- Down payment
- $67,857
- Funds due
- $77,567
- Interest + MI left
- $79,322
- First ends
- Apr 2051
Assumption
Assumption + second
$1,616/mo
+$314/mo- Down payment
- $28,857
- Funds due
- $39,904
- Interest + MI left
- $153,291
- First ends
- Apr 2051
New loan
New conventional
$2,074/mo
+$771/mo- Down payment
- $28,857
- Funds due
- $36,709
- Interest + MI left
- $374,523
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,143 | $217,143 | $256,143 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,015.29 | $1,015.29 | $1,735.20 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | — | — | $51.23 |
| Taxes, insurance & HOA | $287.33 | $287.33 | $287.33 |
| Total housing payment | $1,302.62 | $1,616.42 | $2,073.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,857
Closing costs & prepaids$11,047
Usable credit−$0
Total buyer cash needed$39,904
Earnest money paid−$0
Remaining funds due$39,904
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,085.71
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)$342.00
Initial HOA (3 months)$69.99
Prepaid interest, first (9 days)$144.56
Prepaid interest, second (9 days)$86.55
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 4 moOf the original 30-year loan at 2.7%
Interest already paid$35,863Through Dec 2026
Assumption only · ends Apr 2051$79,322
Assumption + second · ends Apr 2051, second Jan 2057$153,291
New conventional · ends Jan 2057$374,523