Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,813/mo
Lowest payment- Down payment
- $101,459
- Funds due
- $112,983
- Interest + MI left
- $108,950
- First ends
- Jun 2051
Assumption
Assumption + second
$2,328/mo
+$515/mo- Down payment
- $37,459
- Funds due
- $50,328
- Interest + MI left
- $230,335
- First ends
- Jun 2051
New loan
New conventional
$2,845/mo
+$1,032/mo- Down payment
- $37,459
- Funds due
- $46,738
- Interest + MI left
- $484,701
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $267,541 | $267,541 | $331,541 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,280.58 | $1,280.58 | $2,245.97 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | — | — | $66.31 |
| Taxes, insurance & HOA | $532.58 | $532.58 | $532.58 |
| Total housing payment | $1,813.16 | $2,328.12 | $2,844.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,459
Closing costs & prepaids$12,868
Usable credit−$0
Total buyer cash needed$50,328
Earnest money paid−$0
Remaining funds due$50,328
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,337.70
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)$442.75
Initial HOA (3 months)$705.00
Prepaid interest, first (6 days)$130.18
Prepaid interest, second (6 days)$94.68
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 2.96%
Interest already paid$46,759Through Dec 2026
Assumption only · ends Jun 2051$108,950
Assumption + second · ends Jun 2051, second Jan 2057$230,335
New conventional · ends Jan 2057$484,701