Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,824/mo
Lowest payment- Down payment
- $55,032
- Funds due
- $66,186
- Interest + MI left
- $127,093
- First ends
- Jun 2051
Assumption
Assumption + second
$2,201/mo
+$377/mo- Down payment
- $18,032
- Funds due
- $30,544
- Interest + MI left
- $225,823
- First ends
- Jun 2051
New loan
New conventional
$2,717/mo
+$893/mo- Down payment
- $18,032
- Funds due
- $27,086
- Interest + MI left
- $492,615
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $298,668 | $298,668 | $335,668 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,448.16 | $1,448.16 | $2,273.93 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | — | — | $67.13 |
| Taxes, insurance & HOA | $376.17 | $376.17 | $376.17 |
| Total housing payment | $1,824.33 | $2,201.37 | $2,717.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,032
Closing costs & prepaids$12,512
Usable credit−$0
Total buyer cash needed$30,544
Earnest money paid−$0
Remaining funds due$30,544
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,537.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,493.34
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)$424.50
Initial HOA (3 months)$254.01
Prepaid interest, first (9 days)$226.82
Prepaid interest, second (9 days)$108.34
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$54,247Through Dec 2026
Assumption only · ends Jun 2051$127,093
Assumption + second · ends Jun 2051, second Jan 2057$225,823
New conventional · ends Jan 2057$492,615