Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,719/mo
Lowest payment- Down payment
- $69,175
- Funds due
- $80,110
- Interest + MI left
- $106,365
- First ends
- Jul 2051
Assumption
Assumption + second
$2,017/mo
+$298/mo- Down payment
- $32,175
- Funds due
- $44,442
- Interest + MI left
- $176,540
- First ends
- Jul 2051
New loan
New conventional
$2,515/mo
+$797/mo- Down payment
- $32,175
- Funds due
- $41,062
- Interest + MI left
- $420,848
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,825 | $250,825 | $287,825 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,210.81 | $1,210.81 | $1,949.83 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | — | — | $57.57 |
| Taxes, insurance & HOA | $508.00 | $508.00 | $508.00 |
| Total housing payment | $1,718.81 | $2,016.52 | $2,515.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,175
Closing costs & prepaids$12,267
Usable credit−$0
Total buyer cash needed$44,442
Earnest money paid−$0
Remaining funds due$44,442
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,254.13
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)$384.00
Initial HOA (3 months)$690.00
Prepaid interest, first (9 days)$189.25
Prepaid interest, second (9 days)$82.11
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 3.06%
Interest already paid$44,528Through Dec 2026
Assumption only · ends Jul 2051$106,365
Assumption + second · ends Jul 2051, second Jan 2057$176,540
New conventional · ends Jan 2057$420,848