Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,770/mo
Lowest payment- Down payment
- $135,266
- Funds due
- $147,008
- Interest + MI left
- $108,135
- First ends
- Feb 2051
Assumption
Assumption + second
$2,510/mo
+$740/mo- Down payment
- $43,266
- Funds due
- $56,303
- Interest + MI left
- $282,626
- First ends
- Feb 2051
New loan
New conventional
$3,140/mo
+$1,371/mo- Down payment
- $43,266
- Funds due
- $52,421
- Interest + MI left
- $586,508
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,734 | $294,734 | $386,734 |
| Second mortgage | — | $92,000 | — |
| First P&I | $1,384.43 | $1,384.43 | $2,677.67 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | — | — | $77.35 |
| Taxes, insurance & HOA | $385.42 | $385.42 | $385.42 |
| Total housing payment | $1,769.85 | $2,510.10 | $3,140.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,266
Closing costs & prepaids$13,037
Usable credit−$0
Total buyer cash needed$56,303
Earnest money paid−$0
Remaining funds due$56,303
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,473.67
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)$334.25
Initial HOA (3 months)$372.00
Prepaid interest, first (2 days)$43.93
Prepaid interest, second (2 days)$45.37
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 2.720%
Interest already paid$49,816Through Nov 2026
Assumption only · ends Feb 2051$108,135
Assumption + second · ends Feb 2051, second Dec 2056$282,626
New conventional · ends Dec 2056$586,508