Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,791/mo
Lowest payment- Down payment
- $79,258
- Funds due
- $90,580
- Interest + MI left
- $94,522
- First ends
- Nov 2051
Assumption
Assumption + second
$2,169/mo
+$378/mo- Down payment
- $32,258
- Funds due
- $44,934
- Interest + MI left
- $183,664
- First ends
- Nov 2051
New loan
New conventional
$2,658/mo
+$867/mo- Down payment
- $32,258
- Funds due
- $41,619
- Interest + MI left
- $413,359
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,742 | $235,742 | $282,742 |
| Second mortgage | — | $47,000 | — |
| First P&I | $1,104.56 | $1,104.56 | $1,915.39 |
| Second P&I | — | $378.17 | — |
| Mortgage insurance | — | — | $56.55 |
| Taxes, insurance & HOA | $686.00 | $686.00 | $686.00 |
| Total housing payment | $1,790.56 | $2,168.73 | $2,657.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,258
Closing costs & prepaids$12,676
Usable credit−$0
Total buyer cash needed$44,934
Earnest money paid−$0
Remaining funds due$44,934
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,178.71
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)$378.00
Initial HOA (3 months)$1,230.00
Prepaid interest, first (9 days)$166.83
Prepaid interest, second (9 days)$104.30
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 2.87%
Interest already paid$36,720Through Dec 2026
Assumption only · ends Nov 2051$94,522
Assumption + second · ends Nov 2051, second Jan 2057$183,664
New conventional · ends Jan 2057$413,359