Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,705/mo
Lowest payment- Down payment
- $74,092
- Funds due
- $85,176
- Interest + MI left
- $107,767
- First ends
- Nov 2051
Assumption
Assumption + second
$2,019/mo
+$314/mo- Down payment
- $35,092
- Funds due
- $47,512
- Interest + MI left
- $181,736
- First ends
- Nov 2051
New loan
New conventional
$2,604/mo
+$899/mo- Down payment
- $35,092
- Funds due
- $44,033
- Interest + MI left
- $454,599
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,908 | $271,908 | $310,908 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,269.82 | $1,269.82 | $2,106.20 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | — | — | $62.18 |
| Taxes, insurance & HOA | $435.42 | $435.42 | $435.42 |
| Total housing payment | $1,705.23 | $2,019.04 | $2,603.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,092
Closing costs & prepaids$12,421
Usable credit−$0
Total buyer cash needed$47,512
Earnest money paid−$0
Remaining funds due$47,512
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,460.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,359.54
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)$415.25
Initial HOA (3 months)$441.00
Prepaid interest, first (9 days)$190.41
Prepaid interest, second (9 days)$86.55
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 11 moOf the original 30-year loan at 2.84%
Interest already paid$41,923Through Dec 2026
Assumption only · ends Nov 2051$107,767
Assumption + second · ends Nov 2051, second Jan 2057$181,736
New conventional · ends Jan 2057$454,599