Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,760/mo
Lowest payment- Down payment
- $54,352
- Funds due
- $65,116
- Interest + MI left
- $127,861
- First ends
- Jun 2051
Assumption
Assumption + second
$2,127/mo
+$367/mo- Down payment
- $18,352
- Funds due
- $30,378
- Interest + MI left
- $223,923
- First ends
- Jun 2051
New loan
New conventional
$2,701/mo
+$941/mo- Down payment
- $18,352
- Funds due
- $26,685
- Interest + MI left
- $510,322
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,348 | $299,348 | $335,348 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,448.16 | $1,448.16 | $2,321.88 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | — | — | $67.07 |
| Taxes, insurance & HOA | $312.25 | $312.25 | $312.25 |
| Total housing payment | $1,760.42 | $2,127.26 | $2,701.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,352
Closing costs & prepaids$12,025
Usable credit−$0
Total buyer cash needed$30,378
Earnest money paid−$0
Remaining funds due$30,378
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,537.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,496.74
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)$232.75
Initial HOA (3 months)$254.01
Prepaid interest, first (1 days)$25.26
Prepaid interest, second (1 days)$11.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.080%
Interest already paid$53,479Through Nov 2026
Assumption only · ends Jun 2051$127,861
Assumption + second · ends Jun 2051, second Dec 2056$223,923
New conventional · ends Dec 2056$510,322