Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,704/mo
Lowest payment- Down payment
- $49,557
- Funds due
- $60,069
- Interest + MI left
- $89,033
- First ends
- Jun 2051
Assumption
Assumption + second
$2,071/mo
+$367/mo- Down payment
- $13,557
- Funds due
- $25,342
- Interest + MI left
- $185,095
- First ends
- Jun 2051
New loan
New conventional
$2,437/mo
+$733/mo- Down payment
- $13,557
- Funds due
- $22,162
- Interest + MI left
- $371,985
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $208,443 | $208,443 | $244,443 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,008.39 | $1,008.39 | $1,692.47 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | — | — | $48.89 |
| Taxes, insurance & HOA | $695.42 | $695.42 | $695.42 |
| Total housing payment | $1,703.81 | $2,070.65 | $2,436.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,557
Closing costs & prepaids$11,785
Usable credit−$0
Total buyer cash needed$25,342
Earnest money paid−$0
Remaining funds due$25,342
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,580.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,042.21
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)$328.25
Initial HOA (3 months)$1,308.00
Prepaid interest, first (2 days)$35.18
Prepaid interest, second (2 days)$23.42
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$37,238Through Nov 2026
Assumption only · ends Jun 2051$89,033
Assumption + second · ends Jun 2051, second Dec 2056$185,095
New conventional · ends Dec 2056$371,985