Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,504/mo
Lowest payment- Down payment
- $72,975
- Funds due
- $83,370
- Interest + MI left
- $107,828
- First ends
- Nov 2051
Assumption
Assumption + second
$1,818/mo
+$314/mo- Down payment
- $33,975
- Funds due
- $45,706
- Interest + MI left
- $181,797
- First ends
- Nov 2051
New loan
New conventional
$2,349/mo
+$844/mo- Down payment
- $33,975
- Funds due
- $42,287
- Interest + MI left
- $432,778
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,025 | $257,025 | $296,025 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,220.25 | $1,220.25 | $2,005.38 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | — | — | $59.21 |
| Taxes, insurance & HOA | $284.08 | $284.08 | $284.08 |
| Total housing payment | $1,504.33 | $1,818.13 | $2,348.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,975
Closing costs & prepaids$11,731
Usable credit−$0
Total buyer cash needed$45,706
Earnest money paid−$0
Remaining funds due$45,706
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,285.13
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)$396.00
Initial HOA (3 months)$6.24
Prepaid interest, first (9 days)$189.49
Prepaid interest, second (9 days)$86.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 30-year loan at 2.99%
Interest already paid$41,660Through Dec 2026
Assumption only · ends Nov 2051$107,828
Assumption + second · ends Nov 2051, second Jan 2057$181,797
New conventional · ends Jan 2057$432,778