Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,314/mo
Lowest payment- Down payment
- $61,404
- Funds due
- $71,004
- Interest + MI left
- $64,446
- First ends
- Apr 2051
Assumption
Assumption + second
$1,612/mo
+$298/mo- Down payment
- $24,404
- Funds due
- $35,336
- Interest + MI left
- $134,621
- First ends
- Apr 2051
New loan
New conventional
$1,968/mo
+$654/mo- Down payment
- $24,404
- Funds due
- $32,355
- Interest + MI left
- $307,842
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,596 | $173,596 | $210,596 |
| Second mortgage | — | $37,000 | — |
| First P&I | $815.21 | $815.21 | $1,426.65 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | — | — | $42.12 |
| Taxes, insurance & HOA | $499.00 | $499.00 | $499.00 |
| Total housing payment | $1,314.21 | $1,611.92 | $1,967.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,404
Closing costs & prepaids$10,932
Usable credit−$0
Total buyer cash needed$35,336
Earnest money paid−$0
Remaining funds due$35,336
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%)$867.98
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)$765.00
Prepaid interest, first (9 days)$117.28
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 4 moOf the original 30-year loan at 2.74%
Interest already paid$29,082Through Dec 2026
Assumption only · ends Apr 2051$64,446
Assumption + second · ends Apr 2051, second Jan 2057$134,621
New conventional · ends Jan 2057$307,842