Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,256/mo
Lowest payment- Down payment
- $67,505
- Funds due
- $76,912
- Interest + MI left
- $90,155
- First ends
- Sep 2051
Assumption
Assumption + second
$1,570/mo
+$314/mo- Down payment
- $28,505
- Funds due
- $39,181
- Interest + MI left
- $164,124
- First ends
- Sep 2051
New loan
New conventional
$2,047/mo
+$791/mo- Down payment
- $28,505
- Funds due
- $35,820
- Interest + MI left
- $387,475
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,495 | $216,495 | $255,495 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,029.03 | $1,029.03 | $1,769.00 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | — | — | $51.10 |
| Taxes, insurance & HOA | $227.08 | $227.08 | $227.08 |
| Total housing payment | $1,256.11 | $1,569.91 | $2,047.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,505
Closing costs & prepaids$10,676
Usable credit−$0
Total buyer cash needed$39,181
Earnest money paid−$0
Remaining funds due$39,181
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,840.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,082.48
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)$191.25
Initial HOA (3 months)$39.99
Prepaid interest, first (2 days)$35.35
Prepaid interest, second (2 days)$19.23
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 10 moOf the original 30-year loan at 2.980%
Interest already paid$35,595Through Nov 2026
Assumption only · ends Sep 2051$90,155
Assumption + second · ends Sep 2051, second Dec 2056$164,124
New conventional · ends Dec 2056$387,475