Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,450/mo
Lowest payment- Down payment
- $62,930
- Funds due
- $72,795
- Interest + MI left
- $80,475
- First ends
- Jun 2051
Assumption
Assumption + second
$1,748/mo
+$298/mo- Down payment
- $25,930
- Funds due
- $37,063
- Interest + MI left
- $150,650
- First ends
- Jun 2051
New loan
New conventional
$2,139/mo
+$689/mo- Down payment
- $25,930
- Funds due
- $33,866
- Interest + MI left
- $339,712
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,060 | $187,060 | $224,060 |
| Second mortgage | — | $37,000 | — |
| First P&I | $906.90 | $906.90 | $1,551.35 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | — | — | $44.81 |
| Taxes, insurance & HOA | $543.33 | $543.33 | $543.33 |
| Total housing payment | $1,450.23 | $1,747.94 | $2,139.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,930
Closing costs & prepaids$11,133
Usable credit−$0
Total buyer cash needed$37,063
Earnest money paid−$0
Remaining funds due$37,063
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,499.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$935.30
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)$1,093.50
Initial HOA (3 months)$86.49
Prepaid interest, first (2 days)$31.77
Prepaid interest, second (2 days)$18.25
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 3.100%
Interest already paid$33,628Through Nov 2026
Assumption only · ends Jun 2051$80,475
Assumption + second · ends Jun 2051, second Dec 2056$150,650
New conventional · ends Dec 2056$339,712