Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,414/mo
Lowest payment- Down payment
- $60,279
- Funds due
- $70,132
- Interest + MI left
- $63,808
- First ends
- Mar 2051
Assumption
Assumption + second
$1,704/mo
+$290/mo- Down payment
- $24,279
- Funds due
- $35,435
- Interest + MI left
- $132,087
- First ends
- Mar 2051
New loan
New conventional
$2,064/mo
+$650/mo- Down payment
- $24,279
- Funds due
- $32,394
- Interest + MI left
- $307,878
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,621 | $174,621 | $210,621 |
| Second mortgage | — | $36,000 | — |
| First P&I | $819.35 | $819.35 | $1,426.82 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | — | — | $42.12 |
| Taxes, insurance & HOA | $595.00 | $595.00 | $595.00 |
| Total housing payment | $1,414.35 | $1,704.01 | $2,063.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,279
Closing costs & prepaids$11,156
Usable credit−$0
Total buyer cash needed$35,435
Earnest money paid−$0
Remaining funds due$35,435
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,349.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$873.11
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)$282.00
Initial HOA (3 months)$1,053.00
Prepaid interest, first (6 days)$77.79
Prepaid interest, second (6 days)$53.26
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 3 moOf the original 30-year loan at 2.71%
Interest already paid$29,409Through Dec 2026
Assumption only · ends Mar 2051$63,808
Assumption + second · ends Mar 2051, second Jan 2057$132,087
New conventional · ends Jan 2057$307,878