Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,285/mo
Lowest payment- Down payment
- $93,318
- Funds due
- $102,952
- Interest + MI left
- $69,296
- First ends
- Jun 2051
Assumption
Assumption + second
$1,832/mo
+$547/mo- Down payment
- $25,318
- Funds due
- $36,236
- Interest + MI left
- $198,267
- First ends
- Jun 2051
New loan
New conventional
$2,119/mo
+$834/mo- Down payment
- $25,318
- Funds due
- $33,187
- Interest + MI left
- $340,549
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,582 | $156,582 | $224,582 |
| Second mortgage | — | $68,000 | — |
| First P&I | $765.69 | $765.69 | $1,554.96 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | — | — | $44.92 |
| Taxes, insurance & HOA | $519.17 | $519.17 | $519.17 |
| Total housing payment | $1,284.86 | $1,832.00 | $2,119.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,318
Closing costs & prepaids$10,918
Usable credit−$0
Total buyer cash needed$36,236
Earnest money paid−$0
Remaining funds due$36,236
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$782.91
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)$12.50
Initial HOA (3 months)$1,095.00
Prepaid interest, first (2 days)$27.28
Prepaid interest, second (2 days)$33.53
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 3.180%
Interest already paid$28,852Through Nov 2026
Assumption only · ends Jun 2051$69,296
Assumption + second · ends Jun 2051, second Dec 2056$198,267
New conventional · ends Dec 2056$340,549