Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,412/mo
Lowest payment- Down payment
- $94,555
- Funds due
- $104,831
- Interest + MI left
- $91,398
- First ends
- Aug 2051
Assumption
Assumption + second
$1,910/mo
+$499/mo- Down payment
- $32,555
- Funds due
- $44,219
- Interest + MI left
- $208,990
- First ends
- Aug 2051
New loan
New conventional
$2,342/mo
+$931/mo- Down payment
- $32,555
- Funds due
- $40,935
- Interest + MI left
- $418,773
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,445 | $224,445 | $286,445 |
| Second mortgage | — | $62,000 | — |
| First P&I | $1,067.04 | $1,067.04 | $1,940.48 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | — | — | $57.29 |
| Taxes, insurance & HOA | $344.58 | $344.58 | $344.58 |
| Total housing payment | $1,411.62 | $1,910.49 | $2,342.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,555
Closing costs & prepaids$11,664
Usable credit−$0
Total buyer cash needed$44,219
Earnest money paid−$0
Remaining funds due$44,219
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,122.23
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)$382.75
Initial HOA (3 months)$201.00
Prepaid interest, first (9 days)$162.71
Prepaid interest, second (9 days)$137.59
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 8 moOf the original 30-year loan at 2.94%
Interest already paid$37,692Through Dec 2026
Assumption only · ends Aug 2051$91,398
Assumption + second · ends Aug 2051, second Jan 2057$208,990
New conventional · ends Jan 2057$418,773