Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,698/mo
Lowest payment- Down payment
- $50,030
- Funds due
- $60,591
- Interest + MI left
- $88,498
- First ends
- Jun 2051
Assumption
Assumption + second
$2,075/mo
+$377/mo- Down payment
- $13,030
- Funds due
- $24,913
- Interest + MI left
- $187,228
- First ends
- Jun 2051
New loan
New conventional
$2,398/mo
+$700/mo- Down payment
- $13,030
- Funds due
- $21,811
- Interest + MI left
- $359,509
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,970 | $207,970 | $244,970 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,008.39 | $1,008.39 | $1,659.51 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | — | — | $48.99 |
| Taxes, insurance & HOA | $689.17 | $689.17 | $689.17 |
| Total housing payment | $1,697.56 | $2,074.59 | $2,397.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,030
Closing costs & prepaids$11,883
Usable credit−$0
Total buyer cash needed$24,913
Earnest money paid−$0
Remaining funds due$24,913
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,580.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,039.85
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)$309.50
Initial HOA (3 months)$1,308.00
Prepaid interest, first (6 days)$105.30
Prepaid interest, second (6 days)$72.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 3.08%
Interest already paid$37,773Through Dec 2026
Assumption only · ends Jun 2051$88,498
Assumption + second · ends Jun 2051, second Jan 2057$187,228
New conventional · ends Jan 2057$359,509