Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,912/mo
Lowest payment- Down payment
- $65,064
- Funds due
- $76,400
- Interest + MI left
- $97,384
- First ends
- Jun 2051
Assumption
Assumption + second
$2,193/mo
+$282/mo- Down payment
- $30,064
- Funds due
- $42,667
- Interest + MI left
- $163,766
- First ends
- Jun 2051
New loan
New conventional
$2,708/mo
+$796/mo- Down payment
- $30,064
- Funds due
- $39,204
- Interest + MI left
- $409,073
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $234,736 | $234,736 | $269,736 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,125.83 | $1,125.83 | $1,867.60 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | — | — | $53.95 |
| Taxes, insurance & HOA | $786.00 | $786.00 | $786.00 |
| Total housing payment | $1,911.83 | $2,193.44 | $2,707.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,064
Closing costs & prepaids$12,604
Usable credit−$0
Total buyer cash needed$42,667
Earnest money paid−$0
Remaining funds due$42,667
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,998.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,173.68
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)$1,886.75
Initial HOA (3 months)$21.24
Prepaid interest, first (2 days)$38.59
Prepaid interest, second (2 days)$17.26
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 3.000%
Interest already paid$40,880Through Nov 2026
Assumption only · ends Jun 2051$97,384
Assumption + second · ends Jun 2051, second Dec 2056$163,766
New conventional · ends Dec 2056$409,073