Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,005/mo
Lowest payment- Down payment
- $167,566
- Funds due
- $180,950
- Interest + MI left
- $114,411
- First ends
- Oct 2051
Assumption
Assumption + second
$2,834/mo
+$829/mo- Down payment
- $54,566
- Funds due
- $69,225
- Interest + MI left
- $299,907
- First ends
- Oct 2051
New loan
New conventional
$3,835/mo
+$1,830/mo- Down payment
- $54,566
- Funds due
- $64,825
- Interest + MI left
- $735,945
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $372,334 | $372,334 | $485,334 |
| Second mortgage | — | $113,000 | — |
| First P&I | $1,627.91 | $1,627.91 | $3,360.35 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | — | — | $97.07 |
| Taxes, insurance & HOA | $377.42 | $377.42 | $377.42 |
| Total housing payment | $2,005.33 | $2,834.48 | $3,834.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,566
Closing costs & prepaids$14,659
Usable credit−$0
Total buyer cash needed$69,225
Earnest money paid−$0
Remaining funds due$69,225
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,861.67
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)$446.25
Initial HOA (3 months)$186.00
Prepaid interest, first (1 days)$22.95
Prepaid interest, second (1 days)$24.77
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 11 moOf the original 30-year loan at 2.250%
Interest already paid$45,756Through Nov 2026
Assumption only · ends Oct 2051$114,411
Assumption + second · ends Oct 2051, second Dec 2056$299,907
New conventional · ends Dec 2056$735,945