Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,639/mo
Lowest payment- Down payment
- $98,252
- Funds due
- $109,182
- Interest + MI left
- $85,271
- First ends
- Jun 2051
Assumption
Assumption + second
$2,170/mo
+$531/mo- Down payment
- $32,252
- Funds due
- $44,497
- Interest + MI left
- $210,449
- First ends
- Jun 2051
New loan
New conventional
$2,588/mo
+$949/mo- Down payment
- $32,252
- Funds due
- $41,114
- Interest + MI left
- $415,779
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,748 | $221,748 | $287,748 |
| Second mortgage | — | $66,000 | — |
| First P&I | $1,044.28 | $1,044.28 | $1,935.70 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | — | — | $57.55 |
| Taxes, insurance & HOA | $595.00 | $595.00 | $595.00 |
| Total housing payment | $1,639.28 | $2,170.33 | $2,588.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,252
Closing costs & prepaids$12,245
Usable credit−$0
Total buyer cash needed$44,497
Earnest money paid−$0
Remaining funds due$44,497
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,108.74
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)$816.00
Initial HOA (3 months)$519.00
Prepaid interest, first (4 days)$68.29
Prepaid interest, second (4 days)$65.10
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 6 moOf the original 30-year loan at 2.81%
Interest already paid$36,851Through Dec 2026
Assumption only · ends Jun 2051$85,271
Assumption + second · ends Jun 2051, second Jan 2057$210,449
New conventional · ends Jan 2057$415,779