Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,065/mo
Lowest payment- Down payment
- $148,496
- Funds due
- $162,036
- Interest + MI left
- $113,713
- First ends
- Oct 2051
Assumption
Assumption + second
$2,837/mo
+$772/mo- Down payment
- $52,496
- Funds due
- $67,499
- Interest + MI left
- $295,791
- First ends
- Oct 2051
New loan
New conventional
$3,697/mo
+$1,632/mo- Down payment
- $52,496
- Funds due
- $63,483
- Interest + MI left
- $683,422
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $371,404 | $371,404 | $467,404 |
| Second mortgage | — | $96,000 | — |
| First P&I | $1,627.91 | $1,627.91 | $3,166.36 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | — | — | $93.48 |
| Taxes, insurance & HOA | $436.67 | $436.67 | $436.67 |
| Total housing payment | $2,064.58 | $2,837.01 | $3,696.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,496
Closing costs & prepaids$15,003
Usable credit−$0
Total buyer cash needed$67,499
Earnest money paid−$0
Remaining funds due$67,499
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,857.02
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)$624.00
Initial HOA (3 months)$186.00
Prepaid interest, first (9 days)$206.05
Prepaid interest, second (9 days)$213.04
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 10 moOf the original 30-year loan at 2.25%
Interest already paid$46,454Through Dec 2026
Assumption only · ends Oct 2051$113,713
Assumption + second · ends Oct 2051, second Jan 2057$295,791
New conventional · ends Jan 2057$683,422