Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,136/mo
Lowest payment- Down payment
- $76,840
- Funds due
- $85,904
- Interest + MI left
- $52,179
- First ends
- Jul 2051
Assumption
Assumption + second
$1,586/mo
+$451/mo- Down payment
- $20,840
- Funds due
- $31,237
- Interest + MI left
- $158,390
- First ends
- Jul 2051
New loan
New conventional
$1,787/mo
+$652/mo- Down payment
- $20,840
- Funds due
- $28,441
- Interest + MI left
- $260,392
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $122,160 | $122,160 | $178,160 |
| Second mortgage | — | $56,000 | — |
| First P&I | $590.98 | $590.98 | $1,206.92 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | — | — | $35.63 |
| Taxes, insurance & HOA | $544.58 | $544.58 | $544.58 |
| Total housing payment | $1,135.56 | $1,586.15 | $1,787.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,840
Closing costs & prepaids$10,397
Usable credit−$0
Total buyer cash needed$31,237
Earnest money paid−$0
Remaining funds due$31,237
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$610.80
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)$238.75
Initial HOA (3 months)$945.00
Prepaid interest, first (6 days)$61.85
Prepaid interest, second (6 days)$82.85
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 7 moOf the original 30-year loan at 3.08%
Interest already paid$21,824Through Dec 2026
Assumption only · ends Jul 2051$52,179
Assumption + second · ends Jul 2051, second Jan 2057$158,390
New conventional · ends Jan 2057$260,392