Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,277/mo
Lowest payment- Down payment
- $62,671
- Funds due
- $72,008
- Interest + MI left
- $56,142
- First ends
- Aug 2051
Assumption
Assumption + second
$1,615/mo
+$338/mo- Down payment
- $20,671
- Funds due
- $31,268
- Interest + MI left
- $135,801
- First ends
- Aug 2051
New loan
New conventional
$1,899/mo
+$622/mo- Down payment
- $20,671
- Funds due
- $28,352
- Interest + MI left
- $270,377
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $136,329 | $136,329 | $178,329 |
| Second mortgage | — | $42,000 | — |
| First P&I | $648.05 | $648.05 | $1,234.71 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | — | — | $35.67 |
| Taxes, insurance & HOA | $628.83 | $628.83 | $628.83 |
| Total housing payment | $1,276.88 | $1,614.82 | $1,899.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,671
Closing costs & prepaids$10,598
Usable credit−$0
Total buyer cash needed$31,268
Earnest money paid−$0
Remaining funds due$31,268
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$681.65
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)$182.50
Initial HOA (3 months)$1,254.00
Prepaid interest, first (1 days)$11.06
Prepaid interest, second (1 days)$10.36
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 2.960%
Interest already paid$22,656Through Nov 2026
Assumption only · ends Aug 2051$56,142
Assumption + second · ends Aug 2051, second Dec 2056$135,801
New conventional · ends Dec 2056$270,377