Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,364/mo
Lowest payment- Down payment
- $69,467
- Funds due
- $79,332
- Interest + MI left
- $89,422
- First ends
- Sep 2051
Assumption
Assumption + second
$1,686/mo
+$322/mo- Down payment
- $29,467
- Funds due
- $40,670
- Interest + MI left
- $165,288
- First ends
- Sep 2051
New loan
New conventional
$2,119/mo
+$755/mo- Down payment
- $29,467
- Funds due
- $37,461
- Interest + MI left
- $373,529
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $215,533 | $215,533 | $255,533 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,026.79 | $1,026.79 | $1,731.07 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | — | — | $51.11 |
| Taxes, insurance & HOA | $337.00 | $337.00 | $337.00 |
| Total housing payment | $1,363.79 | $1,685.64 | $2,119.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,467
Closing costs & prepaids$11,204
Usable credit−$0
Total buyer cash needed$40,670
Earnest money paid−$0
Remaining funds due$40,670
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,077.67
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)$342.00
Initial HOA (3 months)$219.00
Prepaid interest, first (9 days)$158.37
Prepaid interest, second (9 days)$88.77
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 9 moOf the original 30-year loan at 2.98%
Interest already paid$36,054Through Dec 2026
Assumption only · ends Sep 2051$89,422
Assumption + second · ends Sep 2051, second Jan 2057$165,288
New conventional · ends Jan 2057$373,529