Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,764/mo
Lowest payment- Down payment
- $68,501
- Funds due
- $79,566
- Interest + MI left
- $108,958
- First ends
- Jun 2051
Assumption
Assumption + second
$2,021/mo
+$257/mo- Down payment
- $36,501
- Funds due
- $48,824
- Interest + MI left
- $169,651
- First ends
- Jun 2051
New loan
New conventional
$2,710/mo
+$947/mo- Down payment
- $36,501
- Funds due
- $44,995
- Interest + MI left
- $490,392
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,399 | $291,399 | $323,399 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,357.14 | $1,357.14 | $2,239.15 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | — | — | $64.68 |
| Taxes, insurance & HOA | $406.50 | $406.50 | $406.50 |
| Total housing payment | $1,763.64 | $2,021.12 | $2,710.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,501
Closing costs & prepaids$12,323
Usable credit−$0
Total buyer cash needed$48,824
Earnest money paid−$0
Remaining funds due$48,824
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,457.00
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)$739.50
Initial HOA (3 months)$30.00
Prepaid interest, first (1 days)$21.80
Prepaid interest, second (1 days)$7.89
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 7 moOf the original 30-year loan at 2.730%
Interest already paid$46,313Through Nov 2026
Assumption only · ends Jun 2051$108,958
Assumption + second · ends Jun 2051, second Dec 2056$169,651
New conventional · ends Dec 2056$490,392