Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,416/mo
Lowest payment- Down payment
- $45,489
- Funds due
- $55,106
- Interest + MI left
- $95,896
- First ends
- Jun 2051
Assumption
Assumption + second
$1,732/mo
+$316/mo- Down payment
- $14,489
- Funds due
- $25,376
- Interest + MI left
- $178,616
- First ends
- Jun 2051
New loan
New conventional
$2,150/mo
+$734/mo- Down payment
- $14,489
- Funds due
- $22,111
- Interest + MI left
- $388,777
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,511 | $224,511 | $255,511 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,086.12 | $1,086.12 | $1,769.11 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | — | — | $51.10 |
| Taxes, insurance & HOA | $329.50 | $329.50 | $329.50 |
| Total housing payment | $1,415.62 | $1,731.51 | $2,149.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,489
Closing costs & prepaids$10,887
Usable credit−$0
Total buyer cash needed$25,376
Earnest money paid−$0
Remaining funds due$25,376
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,122.55
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)$213.50
Initial HOA (3 months)$324.99
Prepaid interest, first (2 days)$37.89
Prepaid interest, second (2 days)$20.17
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.080%
Interest already paid$40,109Through Nov 2026
Assumption only · ends Jun 2051$95,896
Assumption + second · ends Jun 2051, second Dec 2056$178,616
New conventional · ends Dec 2056$388,777