Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,292/mo
Lowest payment- Down payment
- $162,078
- Funds due
- $175,832
- Interest + MI left
- $140,462
- First ends
- Jan 2051
Assumption
Assumption + second
$3,092/mo
+$800/mo- Down payment
- $53,078
- Funds due
- $68,106
- Interest + MI left
- $319,391
- First ends
- Jan 2051
New loan
New conventional
$3,937/mo
+$1,644/mo- Down payment
- $53,078
- Funds due
- $63,736
- Interest + MI left
- $723,284
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $367,922 | $367,922 | $476,922 |
| Second mortgage | — | $109,000 | — |
| First P&I | $1,753.05 | $1,753.05 | $3,302.11 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | — | — | $95.38 |
| Taxes, insurance & HOA | $539.08 | $539.08 | $539.08 |
| Total housing payment | $2,292.13 | $3,091.93 | $3,936.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,078
Closing costs & prepaids$15,027
Usable credit−$0
Total buyer cash needed$68,106
Earnest money paid−$0
Remaining funds due$68,106
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,839.61
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$613.25
Initial HOA (3 months)$504.00
Prepaid interest, first (1 days)$28.53
Prepaid interest, second (1 days)$23.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2.830%
Interest already paid$65,645Through Nov 2026
Assumption only · ends Jan 2051$140,462
Assumption + second · ends Jan 2051, second Dec 2056$319,391
New conventional · ends Dec 2056$723,284