Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,328/mo
Lowest payment- Down payment
- $116,115
- Funds due
- $126,215
- Interest + MI left
- $79,127
- First ends
- Jan 2051
Assumption
Assumption + second
$1,996/mo
+$668/mo- Down payment
- $33,115
- Funds due
- $44,506
- Interest + MI left
- $236,548
- First ends
- Jan 2051
New loan
New conventional
$2,414/mo
+$1,086/mo- Down payment
- $33,115
- Funds due
- $41,132
- Interest + MI left
- $442,605
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $208,885 | $208,885 | $291,885 |
| Second mortgage | — | $83,000 | — |
| First P&I | $993.14 | $993.14 | $2,020.95 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | — | — | $58.38 |
| Taxes, insurance & HOA | $335.09 | $335.09 | $335.09 |
| Total housing payment | $1,328.23 | $1,996.07 | $2,414.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,115
Closing costs & prepaids$11,391
Usable credit−$0
Total buyer cash needed$44,506
Earnest money paid−$0
Remaining funds due$44,506
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,044.42
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)$515.75
Initial HOA (3 months)$39.51
Prepaid interest, first (2 days)$32.16
Prepaid interest, second (2 days)$40.93
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 2 moOf the original 30-year loan at 2.810%
Interest already paid$37,014Through Nov 2026
Assumption only · ends Jan 2051$79,127
Assumption + second · ends Jan 2051, second Dec 2056$236,548
New conventional · ends Dec 2056$442,605