Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,065/mo
Lowest payment- Down payment
- $168,868
- Funds due
- $178,693
- Interest + MI left
- $68,089
- First ends
- Aug 2051
Assumption
Assumption + second
$2,055/mo
+$991/mo- Down payment
- $33,868
- Funds due
- $45,121
- Interest + MI left
- $289,699
- First ends
- Aug 2051
New loan
New conventional
$2,356/mo
+$1,291/mo- Down payment
- $33,868
- Funds due
- $42,025
- Interest + MI left
- $432,935
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,132 | $161,132 | $296,132 |
| Second mortgage | — | $135,000 | — |
| First P&I | $774.40 | $774.40 | $2,006.10 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | — | — | $59.23 |
| Taxes, insurance & HOA | $290.33 | $290.33 | $290.33 |
| Total housing payment | $1,064.73 | $2,055.31 | $2,355.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,868
Closing costs & prepaids$11,253
Usable credit−$0
Total buyer cash needed$45,121
Earnest money paid−$0
Remaining funds due$45,121
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$805.66
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)$396.00
Initial HOA (3 months)$24.99
Prepaid interest, first (6 days)$80.52
Prepaid interest, second (6 days)$177.53
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 3.04%
Interest already paid$27,951Through Dec 2026
Assumption only · ends Aug 2051$68,089
Assumption + second · ends Aug 2051, second Jan 2057$289,699
New conventional · ends Jan 2057$432,935