Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,709/mo
Lowest payment- Down payment
- $92,219
- Funds due
- $103,323
- Interest + MI left
- $90,690
- First ends
- Oct 2051
Assumption
Assumption + second
$2,200/mo
+$491/mo- Down payment
- $31,219
- Funds due
- $43,678
- Interest + MI left
- $206,385
- First ends
- Oct 2051
New loan
New conventional
$2,618/mo
+$909/mo- Down payment
- $31,219
- Funds due
- $40,388
- Interest + MI left
- $407,624
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,781 | $217,781 | $278,781 |
| Second mortgage | — | $61,000 | — |
| First P&I | $1,035.14 | $1,035.14 | $1,888.56 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | — | — | $55.76 |
| Taxes, insurance & HOA | $674.00 | $674.00 | $674.00 |
| Total housing payment | $1,709.14 | $2,199.96 | $2,618.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,219
Closing costs & prepaids$12,459
Usable credit−$0
Total buyer cash needed$43,678
Earnest money paid−$0
Remaining funds due$43,678
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,088.90
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)$372.00
Initial HOA (3 months)$1,200.00
Prepaid interest, first (7 days)$124.46
Prepaid interest, second (7 days)$105.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 10 moOf the original 30-year loan at 2.98%
Interest already paid$35,806Through Dec 2026
Assumption only · ends Oct 2051$90,690
Assumption + second · ends Oct 2051, second Jan 2057$206,385
New conventional · ends Jan 2057$407,624