Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,620/mo
Lowest payment- Down payment
- $102,353
- Funds due
- $113,295
- Interest + MI left
- $99,628
- First ends
- Feb 2051
Assumption
Assumption + second
$2,135/mo
+$515/mo- Down payment
- $38,353
- Funds due
- $50,577
- Interest + MI left
- $221,013
- First ends
- Feb 2051
New loan
New conventional
$2,738/mo
+$1,119/mo- Down payment
- $38,353
- Funds due
- $46,852
- Interest + MI left
- $510,480
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,647 | $272,647 | $336,647 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,279.30 | $1,279.30 | $2,330.88 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | — | — | $67.33 |
| Taxes, insurance & HOA | $340.25 | $340.25 | $340.25 |
| Total housing payment | $1,619.55 | $2,134.50 | $2,738.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,353
Closing costs & prepaids$12,224
Usable credit−$0
Total buyer cash needed$50,577
Earnest money paid−$0
Remaining funds due$50,577
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,363.24
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)$375.75
Initial HOA (3 months)$195.00
Prepaid interest, first (2 days)$40.49
Prepaid interest, second (2 days)$31.56
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 3 moOf the original 30-year loan at 2.710%
Interest already paid$45,918Through Nov 2026
Assumption only · ends Feb 2051$99,628
Assumption + second · ends Feb 2051, second Dec 2056$221,013
New conventional · ends Dec 2056$510,480