Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,738/mo
Lowest payment- Down payment
- $71,406
- Funds due
- $84,381
- Interest + MI left
- $267,493
- First ends
- Jul 2051
Assumption
Assumption + second
$2,955/mo
+$217/mo- Down payment
- $44,406
- Funds due
- $58,657
- Interest + MI left
- $318,702
- First ends
- Jul 2051
New loan
New conventional
$3,336/mo
+$598/mo- Down payment
- $44,406
- Funds due
- $54,393
- Interest + MI left
- $577,456
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $372,584 | $372,584 | $399,584 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,169.75 | $2,169.75 | $2,688.03 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | — | — | $79.92 |
| Taxes, insurance & HOA | $568.42 | $568.42 | $568.42 |
| Total housing payment | $2,738.17 | $2,955.42 | $3,336.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,406
Closing costs & prepaids$14,252
Usable credit−$0
Total buyer cash needed$58,657
Earnest money paid−$0
Remaining funds due$58,657
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,439.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,862.92
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)$1,132.25
Initial HOA (3 months)$123.00
Prepaid interest, first (4 days)$199.05
Prepaid interest, second (4 days)$26.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 4.875%
Interest already paid$103,618Through Dec 2026
Assumption only · ends Jul 2051$267,493
Assumption + second · ends Jul 2051, second Jan 2057$318,702
New conventional · ends Jan 2057$577,456