Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,536/mo
Lowest payment- Down payment
- $61,648
- Funds due
- $71,908
- Interest + MI left
- $97,574
- First ends
- Oct 2051
Assumption
Assumption + second
$1,785/mo
+$249/mo- Down payment
- $30,648
- Funds due
- $42,173
- Interest + MI left
- $156,369
- First ends
- Oct 2051
New loan
New conventional
$2,350/mo
+$814/mo- Down payment
- $30,648
- Funds due
- $38,665
- Interest + MI left
- $416,073
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,352 | $243,352 | $274,352 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,140.22 | $1,140.22 | $1,899.56 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $54.87 |
| Taxes, insurance & HOA | $395.67 | $395.67 | $395.67 |
| Total housing payment | $1,535.89 | $1,785.32 | $2,350.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,648
Closing costs & prepaids$11,525
Usable credit−$0
Total buyer cash needed$42,173
Earnest money paid−$0
Remaining funds due$42,173
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,216.76
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)$212.00
Initial HOA (3 months)$525.00
Prepaid interest, first (2 days)$38.27
Prepaid interest, second (2 days)$15.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2.870%
Interest already paid$37,906Through Nov 2026
Assumption only · ends Oct 2051$97,574
Assumption + second · ends Oct 2051, second Dec 2056$156,369
New conventional · ends Dec 2056$416,073