Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,405/mo
Lowest payment- Down payment
- $163,814
- Funds due
- $174,707
- Interest + MI left
- $91,002
- First ends
- Jun 2051
Assumption
Assumption + second
$2,322/mo
+$917/mo- Down payment
- $38,814
- Funds due
- $51,203
- Interest + MI left
- $296,196
- First ends
- Jun 2051
New loan
New conventional
$2,740/mo
+$1,335/mo- Down payment
- $38,814
- Funds due
- $47,886
- Interest + MI left
- $498,802
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,186 | $216,186 | $341,186 |
| Second mortgage | — | $125,000 | — |
| First P&I | $1,044.86 | $1,044.86 | $2,311.31 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | — | — | $68.24 |
| Taxes, insurance & HOA | $360.33 | $360.33 | $360.33 |
| Total housing payment | $1,405.19 | $2,322.39 | $2,739.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,814
Closing costs & prepaids$12,389
Usable credit−$0
Total buyer cash needed$51,203
Earnest money paid−$0
Remaining funds due$51,203
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,080.93
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)$456.00
Initial HOA (3 months)$174.99
Prepaid interest, first (9 days)$162.58
Prepaid interest, second (9 days)$246.58
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$38,895Through Dec 2026
Assumption only · ends Jun 2051$91,002
Assumption + second · ends Jun 2051, second Jan 2057$296,196
New conventional · ends Jan 2057$498,802