Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,309/mo
Lowest payment- Down payment
- $116,115
- Funds due
- $126,306
- Interest + MI left
- $82,247
- First ends
- Jun 2051
Assumption
Assumption + second
$1,977/mo
+$668/mo- Down payment
- $33,115
- Funds due
- $44,740
- Interest + MI left
- $239,668
- First ends
- Jun 2051
New loan
New conventional
$2,373/mo
+$1,063/mo- Down payment
- $33,115
- Funds due
- $41,490
- Interest + MI left
- $434,095
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,885 | $213,885 | $296,885 |
| Second mortgage | — | $83,000 | — |
| First P&I | $1,007.25 | $1,007.25 | $2,011.20 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | — | — | $59.38 |
| Taxes, insurance & HOA | $302.00 | $302.00 | $302.00 |
| Total housing payment | $1,309.25 | $1,977.09 | $2,372.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,115
Closing costs & prepaids$11,626
Usable credit−$0
Total buyer cash needed$44,740
Earnest money paid−$0
Remaining funds due$44,740
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%)$1,069.43
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)$60.00
Prepaid interest, first (9 days)$148.20
Prepaid interest, second (9 days)$184.19
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 6 moOf the original 30-year loan at 2.81%
Interest already paid$35,544Through Dec 2026
Assumption only · ends Jun 2051$82,247
Assumption + second · ends Jun 2051, second Jan 2057$239,668
New conventional · ends Jan 2057$434,095