Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,346/mo
Lowest payment- Down payment
- $45,999
- Funds due
- $55,537
- Interest + MI left
- $95,319
- First ends
- Jun 2051
Assumption
Assumption + second
$1,672/mo
+$326/mo- Down payment
- $13,999
- Funds due
- $24,881
- Interest + MI left
- $180,708
- First ends
- Jun 2051
New loan
New conventional
$2,046/mo
+$699/mo- Down payment
- $13,999
- Funds due
- $21,767
- Interest + MI left
- $375,647
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,001 | $224,001 | $256,001 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,086.12 | $1,086.12 | $1,734.24 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $51.20 |
| Taxes, insurance & HOA | $260.08 | $260.08 | $260.08 |
| Total housing payment | $1,346.20 | $1,672.28 | $2,045.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,999
Closing costs & prepaids$10,882
Usable credit−$0
Total buyer cash needed$24,881
Earnest money paid−$0
Remaining funds due$24,881
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,120.00
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)$324.00
Initial HOA (3 months)$6.24
Prepaid interest, first (9 days)$170.12
Prepaid interest, second (9 days)$93.70
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 6 moOf the original 30-year loan at 3.08%
Interest already paid$40,685Through Dec 2026
Assumption only · ends Jun 2051$95,319
Assumption + second · ends Jun 2051, second Jan 2057$180,708
New conventional · ends Jan 2057$375,647