Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,163/mo
Lowest payment- Down payment
- $54,521
- Funds due
- $66,934
- Interest + MI left
- $143,435
- First ends
- Nov 2051
Assumption
Assumption + second
$2,499/mo
+$336/mo- Down payment
- $21,521
- Funds due
- $35,281
- Interest + MI left
- $231,492
- First ends
- Nov 2051
New loan
New conventional
$3,227/mo
+$1,064/mo- Down payment
- $21,521
- Funds due
- $31,562
- Interest + MI left
- $579,467
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $361,903 | $361,903 | $394,903 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,690.09 | $1,690.09 | $2,675.21 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | — | — | $78.98 |
| Taxes, insurance & HOA | $472.58 | $472.58 | $472.58 |
| Total housing payment | $2,162.68 | $2,498.95 | $3,226.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,521
Closing costs & prepaids$13,760
Usable credit−$0
Total buyer cash needed$35,281
Earnest money paid−$0
Remaining funds due$35,281
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,164.24
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,809.51
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)$499.75
Initial HOA (3 months)$468.00
Prepaid interest, first (9 days)$253.43
Prepaid interest, second (9 days)$96.63
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 2.84%
Interest already paid$55,799Through Dec 2026
Assumption only · ends Nov 2051$143,435
Assumption + second · ends Nov 2051, second Jan 2057$231,492
New conventional · ends Jan 2057$579,467