Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,537/mo
Lowest payment- Down payment
- $59,571
- Funds due
- $69,793
- Interest + MI left
- $100,210
- First ends
- Aug 2051
Assumption
Assumption + second
$1,778/mo
+$241/mo- Down payment
- $29,571
- Funds due
- $41,088
- Interest + MI left
- $157,109
- First ends
- Aug 2051
New loan
New conventional
$2,254/mo
+$717/mo- Down payment
- $29,571
- Funds due
- $37,723
- Interest + MI left
- $388,101
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,429 | $235,429 | $265,429 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,133.92 | $1,133.92 | $1,798.11 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | — | — | $53.09 |
| Taxes, insurance & HOA | $403.00 | $403.00 | $403.00 |
| Total housing payment | $1,536.92 | $1,778.30 | $2,254.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,571
Closing costs & prepaids$11,517
Usable credit−$0
Total buyer cash needed$41,088
Earnest money paid−$0
Remaining funds due$41,088
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,177.15
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)$354.00
Initial HOA (3 months)$405.00
Prepaid interest, first (6 days)$118.42
Prepaid interest, second (6 days)$44.38
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 8 moOf the original 30-year loan at 3.06%
Interest already paid$41,100Through Dec 2026
Assumption only · ends Aug 2051$100,210
Assumption + second · ends Aug 2051, second Jan 2057$157,109
New conventional · ends Jan 2057$388,101