Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,825/mo
Lowest payment- Down payment
- $42,777
- Funds due
- $53,806
- Interest + MI left
- $100,869
- First ends
- Oct 2051
Assumption
Assumption + second
$2,111/mo
+$285/mo- Down payment
- $14,777
- Funds due
- $27,138
- Interest + MI left
- $175,584
- First ends
- Oct 2051
New loan
New conventional
$2,559/mo
+$733/mo- Down payment
- $14,777
- Funds due
- $23,955
- Interest + MI left
- $396,516
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,223 | $242,223 | $270,223 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,151.32 | $1,151.32 | $1,830.58 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | — | — | $54.04 |
| Taxes, insurance & HOA | $674.00 | $674.00 | $674.00 |
| Total housing payment | $1,825.32 | $2,110.64 | $2,558.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,777
Closing costs & prepaids$12,361
Usable credit−$0
Total buyer cash needed$27,138
Earnest money paid−$0
Remaining funds due$27,138
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,211.12
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)$342.00
Initial HOA (3 months)$1,230.00
Prepaid interest, first (9 days)$177.98
Prepaid interest, second (9 days)$81.99
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 10 moOf the original 30-year loan at 2.98%
Interest already paid$39,825Through Dec 2026
Assumption only · ends Oct 2051$100,869
Assumption + second · ends Oct 2051, second Jan 2057$175,584
New conventional · ends Jan 2057$396,516