Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,450/mo
Lowest payment- Down payment
- $174,159
- Funds due
- $185,324
- Interest + MI left
- $87,173
- First ends
- Feb 2051
Assumption
Assumption + second
$2,434/mo
+$983/mo- Down payment
- $40,159
- Funds due
- $52,838
- Interest + MI left
- $307,141
- First ends
- Feb 2051
New loan
New conventional
$2,877/mo
+$1,427/mo- Down payment
- $40,159
- Funds due
- $49,481
- Interest + MI left
- $524,685
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,841 | $224,841 | $358,841 |
| Second mortgage | — | $134,000 | — |
| First P&I | $1,075.91 | $1,075.91 | $2,430.91 |
| Second P&I | — | $983.24 | — |
| Mortgage insurance | — | — | $71.77 |
| Taxes, insurance & HOA | $374.58 | $374.58 | $374.58 |
| Total housing payment | $1,450.49 | $2,433.74 | $2,877.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,159
Closing costs & prepaids$12,679
Usable credit−$0
Total buyer cash needed$52,838
Earnest money paid−$0
Remaining funds due$52,838
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,124.20
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)$478.75
Initial HOA (3 months)$195.00
Prepaid interest, first (9 days)$159.11
Prepaid interest, second (9 days)$264.33
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 2 moOf the original 30-year loan at 2.87%
Interest already paid$40,665Through Dec 2026
Assumption only · ends Feb 2051$87,173
Assumption + second · ends Feb 2051, second Jan 2057$307,141
New conventional · ends Jan 2057$524,685