Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,597/mo
Lowest payment- Down payment
- $90,363
- Funds due
- $101,185
- Interest + MI left
- $104,493
- First ends
- Jul 2051
Assumption
Assumption + second
$2,040/mo
+$443/mo- Down payment
- $35,363
- Funds due
- $47,557
- Interest + MI left
- $208,808
- First ends
- Jul 2051
New loan
New conventional
$2,543/mo
+$946/mo- Down payment
- $35,363
- Funds due
- $44,124
- Interest + MI left
- $454,141
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,637 | $255,637 | $310,637 |
| Second mortgage | — | $55,000 | — |
| First P&I | $1,220.78 | $1,220.78 | $2,104.36 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | — | — | $62.13 |
| Taxes, insurance & HOA | $376.42 | $376.42 | $376.42 |
| Total housing payment | $1,597.20 | $2,039.74 | $2,542.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,363
Closing costs & prepaids$12,194
Usable credit−$0
Total buyer cash needed$47,557
Earnest money paid−$0
Remaining funds due$47,557
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,460.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,278.19
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)$415.25
Initial HOA (3 months)$264.00
Prepaid interest, first (9 days)$186.58
Prepaid interest, second (9 days)$122.05
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 7 moOf the original 30-year loan at 2.96%
Interest already paid$43,945Through Dec 2026
Assumption only · ends Jul 2051$104,493
Assumption + second · ends Jul 2051, second Jan 2057$208,808
New conventional · ends Jan 2057$454,141