Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,730/mo
Lowest payment- Down payment
- $67,677
- Funds due
- $78,598
- Interest + MI left
- $76,331
- First ends
- Mar 2051
Assumption
Assumption + second
$2,044/mo
+$314/mo- Down payment
- $28,677
- Funds due
- $40,896
- Interest + MI left
- $150,300
- First ends
- Mar 2051
New loan
New conventional
$2,491/mo
+$761/mo- Down payment
- $28,677
- Funds due
- $37,626
- Interest + MI left
- $367,426
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,323 | $212,323 | $251,323 |
| Second mortgage | — | $39,000 | — |
| First P&I | $991.94 | $991.94 | $1,702.55 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | — | — | $50.26 |
| Taxes, insurance & HOA | $738.00 | $738.00 | $738.00 |
| Total housing payment | $1,729.94 | $2,043.74 | $2,490.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,677
Closing costs & prepaids$12,219
Usable credit−$0
Total buyer cash needed$40,896
Earnest money paid−$0
Remaining funds due$40,896
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,061.62
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)$714.00
Initial HOA (3 months)$1,050.00
Prepaid interest, first (5 days)$77.66
Prepaid interest, second (5 days)$48.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 2.67%
Interest already paid$35,247Through Dec 2026
Assumption only · ends Mar 2051$76,331
Assumption + second · ends Mar 2051, second Jan 2057$150,300
New conventional · ends Jan 2057$367,426