Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,352/mo
Lowest payment- Down payment
- $58,117
- Funds due
- $67,821
- Interest + MI left
- $70,105
- First ends
- Nov 2051
Assumption
Assumption + second
$1,626/mo
+$274/mo- Down payment
- $24,117
- Funds due
- $35,147
- Interest + MI left
- $134,591
- First ends
- Nov 2051
New loan
New conventional
$1,997/mo
+$645/mo- Down payment
- $24,117
- Funds due
- $32,152
- Interest + MI left
- $308,304
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,883 | $176,883 | $210,883 |
| Second mortgage | — | $34,000 | — |
| First P&I | $826.05 | $826.05 | $1,428.59 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | — | — | $42.18 |
| Taxes, insurance & HOA | $526.00 | $526.00 | $526.00 |
| Total housing payment | $1,352.05 | $1,625.62 | $1,996.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,117
Closing costs & prepaids$11,030
Usable credit−$0
Total buyer cash needed$35,147
Earnest money paid−$0
Remaining funds due$35,147
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$884.42
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)$282.00
Initial HOA (3 months)$846.00
Prepaid interest, first (9 days)$123.87
Prepaid interest, second (9 days)$75.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.84%
Interest already paid$27,272Through Dec 2026
Assumption only · ends Nov 2051$70,105
Assumption + second · ends Nov 2051, second Jan 2057$134,591
New conventional · ends Jan 2057$308,304