Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,294/mo
Lowest payment- Down payment
- $59,983
- Funds due
- $69,396
- Interest + MI left
- $55,805
- First ends
- Aug 2051
Assumption
Assumption + second
$1,616/mo
+$322/mo- Down payment
- $19,983
- Funds due
- $30,705
- Interest + MI left
- $131,671
- First ends
- Aug 2051
New loan
New conventional
$1,874/mo
+$580/mo- Down payment
- $19,983
- Funds due
- $27,865
- Interest + MI left
- $257,331
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $136,017 | $136,017 | $176,017 |
| Second mortgage | — | $40,000 | — |
| First P&I | $648.05 | $648.05 | $1,192.40 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | — | — | $35.20 |
| Taxes, insurance & HOA | $646.42 | $646.42 | $646.42 |
| Total housing payment | $1,294.47 | $1,616.32 | $1,874.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,983
Closing costs & prepaids$10,723
Usable credit−$0
Total buyer cash needed$30,705
Earnest money paid−$0
Remaining funds due$30,705
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,960.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$680.09
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)$235.25
Initial HOA (3 months)$1,254.00
Prepaid interest, first (6 days)$66.18
Prepaid interest, second (6 days)$59.18
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 2.96%
Interest already paid$22,993Through Dec 2026
Assumption only · ends Aug 2051$55,805
Assumption + second · ends Aug 2051, second Jan 2057$131,671
New conventional · ends Jan 2057$257,331