Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,540/mo
Lowest payment- Down payment
- $171,747
- Funds due
- $183,229
- Interest + MI left
- $91,391
- First ends
- Apr 2051
Assumption
Assumption + second
$2,494/mo
+$954/mo- Down payment
- $41,747
- Funds due
- $54,735
- Interest + MI left
- $304,793
- First ends
- Apr 2051
New loan
New conventional
$2,997/mo
+$1,457/mo- Down payment
- $41,747
- Funds due
- $51,297
- Interest + MI left
- $545,758
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,253 | $243,253 | $373,253 |
| Second mortgage | — | $130,000 | — |
| First P&I | $1,146.04 | $1,146.04 | $2,528.55 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | — | — | $74.65 |
| Taxes, insurance & HOA | $394.00 | $394.00 | $394.00 |
| Total housing payment | $1,540.04 | $2,493.94 | $2,997.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,747
Closing costs & prepaids$12,989
Usable credit−$0
Total buyer cash needed$54,735
Earnest money paid−$0
Remaining funds due$54,735
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,216.27
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)$498.00
Initial HOA (3 months)$234.00
Prepaid interest, first (9 days)$166.15
Prepaid interest, second (9 days)$256.44
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 4 moOf the original 30-year loan at 2.77%
Interest already paid$41,184Through Dec 2026
Assumption only · ends Apr 2051$91,391
Assumption + second · ends Apr 2051, second Jan 2057$304,793
New conventional · ends Jan 2057$545,758