Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,886/mo
Lowest payment- Down payment
- $87,005
- Funds due
- $98,804
- Interest + MI left
- $118,106
- First ends
- Nov 2051
Assumption
Assumption + second
$2,272/mo
+$386/mo- Down payment
- $39,005
- Funds due
- $52,160
- Interest + MI left
- $209,145
- First ends
- Nov 2051
New loan
New conventional
$2,907/mo
+$1,021/mo- Down payment
- $39,005
- Funds due
- $48,535
- Interest + MI left
- $505,902
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,995 | $297,995 | $345,995 |
| Second mortgage | — | $48,000 | — |
| First P&I | $1,391.64 | $1,391.64 | $2,343.89 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | — | — | $69.20 |
| Taxes, insurance & HOA | $494.00 | $494.00 | $494.00 |
| Total housing payment | $1,885.64 | $2,271.86 | $2,907.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,005
Closing costs & prepaids$13,155
Usable credit−$0
Total buyer cash needed$52,160
Earnest money paid−$0
Remaining funds due$52,160
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,489.98
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)$462.00
Initial HOA (3 months)$570.00
Prepaid interest, first (9 days)$208.68
Prepaid interest, second (9 days)$106.52
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$45,945Through Dec 2026
Assumption only · ends Nov 2051$118,106
Assumption + second · ends Nov 2051, second Jan 2057$209,145
New conventional · ends Jan 2057$505,902