Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,891/mo
Lowest payment- Down payment
- $90,781
- Funds due
- $102,461
- Interest + MI left
- $137,446
- First ends
- Jul 2051
Assumption
Assumption + second
$2,285/mo
+$394/mo- Down payment
- $41,781
- Funds due
- $54,783
- Interest + MI left
- $230,381
- First ends
- Jul 2051
New loan
New conventional
$2,929/mo
+$1,038/mo- Down payment
- $41,781
- Funds due
- $50,907
- Interest + MI left
- $545,562
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $324,119 | $324,119 | $373,119 |
| Second mortgage | — | $49,000 | — |
| First P&I | $1,564.63 | $1,564.63 | $2,527.64 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | — | — | $74.62 |
| Taxes, insurance & HOA | $326.42 | $326.42 | $326.42 |
| Total housing payment | $1,891.05 | $2,285.31 | $2,928.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,781
Closing costs & prepaids$13,002
Usable credit−$0
Total buyer cash needed$54,783
Earnest money paid−$0
Remaining funds due$54,783
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,149.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,620.60
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)$498.00
Initial HOA (3 months)$31.26
Prepaid interest, first (6 days)$163.04
Prepaid interest, second (6 days)$72.49
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 3.06%
Interest already paid$57,540Through Dec 2026
Assumption only · ends Jul 2051$137,446
Assumption + second · ends Jul 2051, second Jan 2057$230,381
New conventional · ends Jan 2057$545,562