Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,667/mo
Lowest payment- Down payment
- $68,605
- Funds due
- $79,221
- Interest + MI left
- $107,006
- First ends
- Jul 2051
Assumption
Assumption + second
$1,957/mo
+$290/mo- Down payment
- $32,605
- Funds due
- $44,480
- Interest + MI left
- $175,285
- First ends
- Jul 2051
New loan
New conventional
$2,504/mo
+$837/mo- Down payment
- $32,605
- Funds due
- $40,882
- Interest + MI left
- $435,796
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $251,395 | $251,395 | $287,395 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,210.81 | $1,210.81 | $1,989.86 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | — | — | $57.48 |
| Taxes, insurance & HOA | $456.58 | $456.58 | $456.58 |
| Total housing payment | $1,667.40 | $1,957.06 | $2,503.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,605
Closing costs & prepaids$11,875
Usable credit−$0
Total buyer cash needed$44,480
Earnest money paid−$0
Remaining funds due$44,480
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%)$1,256.98
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)$229.75
Initial HOA (3 months)$690.00
Prepaid interest, first (1 days)$21.08
Prepaid interest, second (1 days)$8.88
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 8 moOf the original 30-year loan at 3.060%
Interest already paid$43,887Through Nov 2026
Assumption only · ends Jul 2051$107,006
Assumption + second · ends Jul 2051, second Dec 2056$175,285
New conventional · ends Dec 2056$435,796