Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,933/mo
Lowest payment- Down payment
- $204,352
- Funds due
- $217,585
- Interest + MI left
- $120,355
- First ends
- Aug 2051
Assumption
Assumption + second
$3,063/mo
+$1,130/mo- Down payment
- $50,352
- Funds due
- $65,139
- Interest + MI left
- $373,154
- First ends
- Aug 2051
New loan
New conventional
$3,656/mo
+$1,722/mo- Down payment
- $50,352
- Funds due
- $61,400
- Interest + MI left
- $654,097
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $293,348 | $293,348 | $447,348 |
| Second mortgage | — | $154,000 | — |
| First P&I | $1,397.64 | $1,397.64 | $3,030.49 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | — | — | $89.47 |
| Taxes, insurance & HOA | $535.75 | $535.75 | $535.75 |
| Total housing payment | $1,933.39 | $3,063.39 | $3,655.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,352
Closing costs & prepaids$14,787
Usable credit−$0
Total buyer cash needed$65,139
Earnest money paid−$0
Remaining funds due$65,139
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,977.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,466.74
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$597.25
Initial HOA (3 months)$510.00
Prepaid interest, first (9 days)$214.10
Prepaid interest, second (9 days)$303.78
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 8 moOf the original 30-year loan at 2.96%
Interest already paid$49,588Through Dec 2026
Assumption only · ends Aug 2051$120,355
Assumption + second · ends Aug 2051, second Jan 2057$373,154
New conventional · ends Jan 2057$654,097