Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,645/mo
Lowest payment- Down payment
- $105,017
- Funds due
- $116,194
- Interest + MI left
- $99,012
- First ends
- Feb 2051
Assumption
Assumption + second
$2,184/mo
+$539/mo- Down payment
- $38,017
- Funds due
- $50,592
- Interest + MI left
- $226,087
- First ends
- Feb 2051
New loan
New conventional
$2,730/mo
+$1,085/mo- Down payment
- $38,017
- Funds due
- $47,079
- Interest + MI left
- $495,649
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,983 | $271,983 | $338,983 |
| Second mortgage | — | $67,000 | — |
| First P&I | $1,279.30 | $1,279.30 | $2,296.39 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | — | — | $67.80 |
| Taxes, insurance & HOA | $365.83 | $365.83 | $365.83 |
| Total housing payment | $1,645.13 | $2,184.23 | $2,730.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,017
Closing costs & prepaids$12,576
Usable credit−$0
Total buyer cash needed$50,592
Earnest money paid−$0
Remaining funds due$50,592
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,770.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,359.92
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)$452.50
Initial HOA (3 months)$195.00
Prepaid interest, first (9 days)$181.74
Prepaid interest, second (9 days)$148.68
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 2 moOf the original 30-year loan at 2.71%
Interest already paid$46,534Through Dec 2026
Assumption only · ends Feb 2051$99,012
Assumption + second · ends Feb 2051, second Jan 2057$226,087
New conventional · ends Jan 2057$495,649