Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,639/mo
Lowest payment- Down payment
- $84,597
- Funds due
- $95,511
- Interest + MI left
- $108,075
- First ends
- Aug 2051
Assumption
Assumption + second
$2,033/mo
+$394/mo- Down payment
- $35,597
- Funds due
- $47,870
- Interest + MI left
- $201,010
- First ends
- Aug 2051
New loan
New conventional
$2,566/mo
+$927/mo- Down payment
- $35,597
- Funds due
- $44,403
- Interest + MI left
- $458,184
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $264,403 | $264,403 | $313,403 |
| Second mortgage | — | $49,000 | — |
| First P&I | $1,258.37 | $1,258.37 | $2,123.10 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | — | — | $62.68 |
| Taxes, insurance & HOA | $380.58 | $380.58 | $380.58 |
| Total housing payment | $1,638.95 | $2,033.22 | $2,566.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,597
Closing costs & prepaids$12,273
Usable credit−$0
Total buyer cash needed$47,870
Earnest money paid−$0
Remaining funds due$47,870
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,322.02
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)$418.75
Initial HOA (3 months)$273.00
Prepaid interest, first (9 days)$192.33
Prepaid interest, second (9 days)$108.74
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 2.95%
Interest already paid$44,549Through Dec 2026
Assumption only · ends Aug 2051$108,075
Assumption + second · ends Aug 2051, second Jan 2057$201,010
New conventional · ends Jan 2057$458,184