Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,979/mo
Lowest payment- Down payment
- $92,764
- Funds due
- $104,804
- Interest + MI left
- $140,413
- First ends
- Aug 2051
Assumption
Assumption + second
$2,373/mo
+$394/mo- Down payment
- $43,764
- Funds due
- $57,127
- Interest + MI left
- $233,348
- First ends
- Aug 2051
New loan
New conventional
$3,077/mo
+$1,098/mo- Down payment
- $43,764
- Funds due
- $53,157
- Interest + MI left
- $572,052
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $342,236 | $342,236 | $391,236 |
| Second mortgage | — | $49,000 | — |
| First P&I | $1,630.57 | $1,630.57 | $2,650.37 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | — | — | $78.25 |
| Taxes, insurance & HOA | $348.00 | $348.00 | $348.00 |
| Total housing payment | $1,978.57 | $2,372.83 | $3,076.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,764
Closing costs & prepaids$13,362
Usable credit−$0
Total buyer cash needed$57,127
Earnest money paid−$0
Remaining funds due$57,127
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,711.18
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)$522.00
Initial HOA (3 months)$72.00
Prepaid interest, first (6 days)$166.52
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 8 moOf the original 30-year loan at 2.96%
Interest already paid$57,852Through Dec 2026
Assumption only · ends Aug 2051$140,413
Assumption + second · ends Aug 2051, second Jan 2057$233,348
New conventional · ends Jan 2057$572,052