Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,497/mo
Lowest payment- Down payment
- $95,699
- Funds due
- $106,052
- Interest + MI left
- $81,886
- First ends
- Jun 2051
Assumption
Assumption + second
$2,029/mo
+$531/mo- Down payment
- $29,699
- Funds due
- $41,334
- Interest + MI left
- $207,064
- First ends
- Jun 2051
New loan
New conventional
$2,414/mo
+$916/mo- Down payment
- $29,699
- Funds due
- $38,066
- Interest + MI left
- $393,902
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,801 | $193,801 | $259,801 |
| Second mortgage | — | $66,000 | — |
| First P&I | $934.53 | $934.53 | $1,798.81 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | — | — | $51.96 |
| Taxes, insurance & HOA | $562.92 | $562.92 | $562.92 |
| Total housing payment | $1,497.45 | $2,028.50 | $2,413.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,699
Closing costs & prepaids$11,636
Usable credit−$0
Total buyer cash needed$41,334
Earnest money paid−$0
Remaining funds due$41,334
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,895.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$969.01
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)$251.75
Initial HOA (3 months)$987.00
Prepaid interest, first (2 days)$32.39
Prepaid interest, second (2 days)$32.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.050%
Interest already paid$34,296Through Nov 2026
Assumption only · ends Jun 2051$81,886
Assumption + second · ends Jun 2051, second Dec 2056$207,064
New conventional · ends Dec 2056$393,902