Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,734/mo
Lowest payment- Down payment
- $41,190
- Funds due
- $51,682
- Interest + MI left
- $92,086
- First ends
- Jun 2051
Assumption
Assumption + second
$2,020/mo
+$285/mo- Down payment
- $13,190
- Funds due
- $24,950
- Interest + MI left
- $166,801
- First ends
- Jun 2051
New loan
New conventional
$2,401/mo
+$667/mo- Down payment
- $13,190
- Funds due
- $21,773
- Interest + MI left
- $360,322
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $208,810 | $208,810 | $236,810 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,019.98 | $1,019.98 | $1,639.62 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | — | — | $47.36 |
| Taxes, insurance & HOA | $714.50 | $714.50 | $714.50 |
| Total housing payment | $1,734.48 | $2,019.80 | $2,401.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,190
Closing costs & prepaids$11,760
Usable credit−$0
Total buyer cash needed$24,950
Earnest money paid−$0
Remaining funds due$24,950
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,044.05
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)$385.50
Initial HOA (3 months)$1,308.00
Prepaid interest, first (2 days)$36.27
Prepaid interest, second (2 days)$18.22
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 3.170%
Interest already paid$38,359Through Nov 2026
Assumption only · ends Jun 2051$92,086
Assumption + second · ends Jun 2051, second Dec 2056$166,801
New conventional · ends Dec 2056$360,322