Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,934/mo
Lowest payment- Down payment
- $206,052
- Funds due
- $219,304
- Interest + MI left
- $120,355
- First ends
- Aug 2051
Assumption
Assumption + second
$3,079/mo
+$1,145/mo- Down payment
- $50,052
- Funds due
- $64,862
- Interest + MI left
- $376,437
- First ends
- Aug 2051
New loan
New conventional
$3,670/mo
+$1,736/mo- Down payment
- $50,052
- Funds due
- $61,125
- Interest + MI left
- $657,021
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,348 | $293,348 | $449,348 |
| Second mortgage | — | $156,000 | — |
| First P&I | $1,397.64 | $1,397.64 | $3,044.04 |
| Second P&I | — | $1,144.67 | — |
| Mortgage insurance | — | — | $89.87 |
| Taxes, insurance & HOA | $536.42 | $536.42 | $536.42 |
| Total housing payment | $1,934.06 | $3,078.73 | $3,670.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,052
Closing costs & prepaids$14,810
Usable credit−$0
Total buyer cash needed$64,862
Earnest money paid−$0
Remaining funds due$64,862
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,994.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,466.74
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$599.25
Initial HOA (3 months)$510.00
Prepaid interest, first (9 days)$214.10
Prepaid interest, second (9 days)$307.73
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 8 moOf the original 30-year loan at 2.96%
Interest already paid$49,588Through Dec 2026
Assumption only · ends Aug 2051$120,355
Assumption + second · ends Aug 2051, second Jan 2057$376,437
New conventional · ends Jan 2057$657,021