Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,527/mo
Lowest payment- Down payment
- $89,141
- Funds due
- $99,622
- Interest + MI left
- $81,393
- First ends
- Jun 2051
Assumption
Assumption + second
$2,009/mo
+$483/mo- Down payment
- $29,141
- Funds due
- $41,005
- Interest + MI left
- $195,192
- First ends
- Jun 2051
New loan
New conventional
$2,359/mo
+$832/mo- Down payment
- $29,141
- Funds due
- $37,874
- Interest + MI left
- $370,351
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,359 | $193,359 | $253,359 |
| Second mortgage | — | $60,000 | — |
| First P&I | $934.53 | $934.53 | $1,716.34 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | — | — | $50.67 |
| Taxes, insurance & HOA | $592.00 | $592.00 | $592.00 |
| Total housing payment | $1,526.53 | $2,009.31 | $2,359.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,141
Closing costs & prepaids$11,864
Usable credit−$0
Total buyer cash needed$41,005
Earnest money paid−$0
Remaining funds due$41,005
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,825.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$966.80
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)$339.00
Initial HOA (3 months)$987.00
Prepaid interest, first (9 days)$145.42
Prepaid interest, second (9 days)$133.15
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 3.05%
Interest already paid$34,789Through Dec 2026
Assumption only · ends Jun 2051$81,393
Assumption + second · ends Jun 2051, second Jan 2057$195,192
New conventional · ends Jan 2057$370,351