Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,722/mo
Lowest payment- Down payment
- $104,236
- Funds due
- $115,553
- Interest + MI left
- $98,046
- First ends
- Jul 2051
Assumption
Assumption + second
$2,277/mo
+$555/mo- Down payment
- $35,236
- Funds due
- $47,956
- Interest + MI left
- $228,914
- First ends
- Jul 2051
New loan
New conventional
$2,734/mo
+$1,012/mo- Down payment
- $35,236
- Funds due
- $44,577
- Interest + MI left
- $452,864
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,764 | $240,764 | $309,764 |
| Second mortgage | — | $69,000 | — |
| First P&I | $1,148.51 | $1,148.51 | $2,098.45 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | — | — | $61.95 |
| Taxes, insurance & HOA | $573.33 | $573.33 | $573.33 |
| Total housing payment | $1,721.84 | $2,277.03 | $2,733.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,236
Closing costs & prepaids$12,720
Usable credit−$0
Total buyer cash needed$47,956
Earnest money paid−$0
Remaining funds due$47,956
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,203.82
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)$414.00
Initial HOA (3 months)$855.99
Prepaid interest, first (9 days)$175.13
Prepaid interest, second (9 days)$153.12
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 7 moOf the original 30-year loan at 2.95%
Interest already paid$41,253Through Dec 2026
Assumption only · ends Jul 2051$98,046
Assumption + second · ends Jul 2051, second Jan 2057$228,914
New conventional · ends Jan 2057$452,864