Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,664/mo
Lowest payment- Down payment
- $66,890
- Funds due
- $81,167
- Interest + MI left
- $185,915
- First ends
- Sep 2051
Assumption
Assumption + second
$3,082/mo
+$418/mo- Down payment
- $25,890
- Funds due
- $41,537
- Interest + MI left
- $295,319
- First ends
- Sep 2051
New loan
New conventional
$3,941/mo
+$1,276/mo- Down payment
- $25,890
- Funds due
- $37,411
- Interest + MI left
- $717,799
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $448,109 | $448,109 | $489,109 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,134.76 | $2,134.76 | $3,313.39 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | — | — | $97.82 |
| Taxes, insurance & HOA | $529.67 | $529.67 | $529.67 |
| Total housing payment | $2,664.43 | $3,082.22 | $3,940.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,890
Closing costs & prepaids$15,647
Usable credit−$0
Total buyer cash needed$41,537
Earnest money paid−$0
Remaining funds due$41,537
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,149.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,240.54
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)$618.00
Initial HOA (3 months)$471.00
Prepaid interest, first (9 days)$329.27
Prepaid interest, second (9 days)$120.05
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 9 moOf the original 30-year loan at 2.98%
Interest already paid$74,959Through Dec 2026
Assumption only · ends Sep 2051$185,915
Assumption + second · ends Sep 2051, second Jan 2057$295,319
New conventional · ends Jan 2057$717,799