Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,880/mo
Lowest payment- Down payment
- $85,007
- Funds due
- $96,785
- Interest + MI left
- $112,419
- First ends
- Mar 2051
Assumption
Assumption + second
$2,242/mo
+$362/mo- Down payment
- $40,007
- Funds due
- $53,135
- Interest + MI left
- $197,768
- First ends
- Mar 2051
New loan
New conventional
$2,918/mo
+$1,038/mo- Down payment
- $40,007
- Funds due
- $49,451
- Interest + MI left
- $524,907
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $313,993 | $313,993 | $358,993 |
| Second mortgage | — | $45,000 | — |
| First P&I | $1,465.33 | $1,465.33 | $2,431.94 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | — | — | $71.80 |
| Taxes, insurance & HOA | $414.58 | $414.58 | $414.58 |
| Total housing payment | $1,879.92 | $2,242.00 | $2,918.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,007
Closing costs & prepaids$13,128
Usable credit−$0
Total buyer cash needed$53,135
Earnest money paid−$0
Remaining funds due$53,135
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%)$1,569.96
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)$315.00
Prepaid interest, first (9 days)$205.94
Prepaid interest, second (9 days)$99.86
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 3 moOf the original 30-year loan at 2.66%
Interest already paid$51,936Through Dec 2026
Assumption only · ends Mar 2051$112,419
Assumption + second · ends Mar 2051, second Jan 2057$197,768
New conventional · ends Jan 2057$524,907