Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,067/mo
Lowest payment- Down payment
- $66,940
- Funds due
- $82,684
- Interest + MI left
- $216,906
- First ends
- Nov 2051
Assumption
Assumption + second
$3,434/mo
+$367/mo- Down payment
- $30,940
- Funds due
- $48,039
- Interest + MI left
- $312,969
- First ends
- Nov 2051
New loan
New conventional
$4,564/mo
+$1,497/mo- Down payment
- $30,940
- Funds due
- $43,508
- Interest + MI left
- $849,808
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $543,060 | $543,060 | $579,060 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,541.69 | $2,541.69 | $3,922.75 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | — | — | $115.81 |
| Taxes, insurance & HOA | $525.67 | $525.67 | $525.67 |
| Total housing payment | $3,067.36 | $3,434.20 | $4,564.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,940
Closing costs & prepaids$17,099
Usable credit−$0
Total buyer cash needed$48,039
Earnest money paid−$0
Remaining funds due$48,039
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,715.30
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)$732.00
Initial HOA (3 months)$345.00
Prepaid interest, first (9 days)$382.97
Prepaid interest, second (9 days)$105.41
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 11 moOf the original 30-year loan at 2.86%
Interest already paid$84,303Through Dec 2026
Assumption only · ends Nov 2051$216,906
Assumption + second · ends Nov 2051, second Jan 2057$312,969
New conventional · ends Jan 2057$849,808