Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,069/mo
Lowest payment- Down payment
- $55,049
- Funds due
- $66,992
- Interest + MI left
- $132,088
- First ends
- Nov 2051
Assumption
Assumption + second
$2,436/mo
+$367/mo- Down payment
- $19,049
- Funds due
- $32,324
- Interest + MI left
- $228,150
- First ends
- Nov 2051
New loan
New conventional
$3,021/mo
+$952/mo- Down payment
- $19,049
- Funds due
- $28,738
- Interest + MI left
- $514,827
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,851 | $314,851 | $350,851 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,494.78 | $1,494.78 | $2,376.79 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | — | — | $70.17 |
| Taxes, insurance & HOA | $574.00 | $574.00 | $574.00 |
| Total housing payment | $2,068.78 | $2,435.62 | $3,020.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,049
Closing costs & prepaids$13,276
Usable credit−$0
Total buyer cash needed$32,324
Earnest money paid−$0
Remaining funds due$32,324
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,574.26
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)$444.00
Initial HOA (3 months)$828.00
Prepaid interest, first (7 days)$180.54
Prepaid interest, second (7 days)$81.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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$51,033Through Dec 2026
Assumption only · ends Nov 2051$132,088
Assumption + second · ends Nov 2051, second Jan 2057$228,150
New conventional · ends Jan 2057$514,827