Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,965/mo
Lowest payment- Down payment
- $74,401
- Funds due
- $86,055
- Interest + MI left
- $120,104
- First ends
- Jan 2051
Assumption
Assumption + second
$2,247/mo
+$282/mo- Down payment
- $39,401
- Funds due
- $52,314
- Interest + MI left
- $186,487
- First ends
- Jan 2051
New loan
New conventional
$2,957/mo
+$991/mo- Down payment
- $39,401
- Funds due
- $48,341
- Interest + MI left
- $530,120
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,599 | $314,599 | $349,599 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,498.98 | $1,498.98 | $2,420.55 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | — | — | $69.92 |
| Taxes, insurance & HOA | $466.17 | $466.17 | $466.17 |
| Total housing payment | $1,965.14 | $2,246.76 | $2,956.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,401
Closing costs & prepaids$12,913
Usable credit−$0
Total buyer cash needed$52,314
Earnest money paid−$0
Remaining funds due$52,314
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,572.99
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)$675.50
Initial HOA (3 months)$273.00
Prepaid interest, first (1 days)$24.39
Prepaid interest, second (1 days)$8.63
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$56,131Through Nov 2026
Assumption only · ends Jan 2051$120,104
Assumption + second · ends Jan 2051, second Dec 2056$186,487
New conventional · ends Dec 2056$530,120