Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,810/mo
Lowest payment- Down payment
- $42,228
- Funds due
- $53,057
- Interest + MI left
- $101,472
- First ends
- Oct 2051
Assumption
Assumption + second
$2,085/mo
+$275/mo- Down payment
- $15,228
- Funds due
- $27,316
- Interest + MI left
- $173,519
- First ends
- Oct 2051
New loan
New conventional
$2,581/mo
+$770/mo- Down payment
- $15,228
- Funds due
- $23,932
- Interest + MI left
- $410,476
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,772 | $242,772 | $269,772 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,151.32 | $1,151.32 | $1,867.85 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $53.95 |
| Taxes, insurance & HOA | $659.00 | $659.00 | $659.00 |
| Total housing payment | $1,810.32 | $2,085.45 | $2,580.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,228
Closing costs & prepaids$12,087
Usable credit−$0
Total buyer cash needed$27,316
Earnest money paid−$0
Remaining funds due$27,316
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,213.86
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)$297.00
Initial HOA (3 months)$1,230.00
Prepaid interest, first (1 days)$19.82
Prepaid interest, second (1 days)$8.78
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 11 moOf the original 30-year loan at 2.980%
Interest already paid$39,222Through Nov 2026
Assumption only · ends Oct 2051$101,472
Assumption + second · ends Oct 2051, second Dec 2056$173,519
New conventional · ends Dec 2056$410,476