Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,217/mo
Lowest payment- Down payment
- $125,841
- Funds due
- $139,257
- Interest + MI left
- $153,510
- First ends
- Aug 2051
Assumption
Assumption + second
$2,821/mo
+$603/mo- Down payment
- $50,841
- Funds due
- $65,673
- Interest + MI left
- $295,758
- First ends
- Aug 2051
New loan
New conventional
$3,567/mo
+$1,350/mo- Down payment
- $50,841
- Funds due
- $61,607
- Interest + MI left
- $656,653
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $374,158 | $374,158 | $449,158 |
| Second mortgage | — | $75,000 | — |
| First P&I | $1,782.66 | $1,782.66 | $3,042.75 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | — | — | $89.83 |
| Taxes, insurance & HOA | $434.67 | $434.67 | $434.67 |
| Total housing payment | $2,217.33 | $2,820.80 | $3,567.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,841
Closing costs & prepaids$14,832
Usable credit−$0
Total buyer cash needed$65,673
Earnest money paid−$0
Remaining funds due$65,673
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,870.79
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)$600.00
Initial HOA (3 months)$204.00
Prepaid interest, first (9 days)$273.08
Prepaid interest, second (9 days)$166.44
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 8 moOf the original 30-year loan at 2.96%
Interest already paid$63,248Through Dec 2026
Assumption only · ends Aug 2051$153,510
Assumption + second · ends Aug 2051, second Jan 2057$295,758
New conventional · ends Jan 2057$656,653