Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,326/mo
Lowest payment- Down payment
- $128,612
- Funds due
- $138,928
- Interest + MI left
- $85,943
- First ends
- Aug 2051
Assumption
Assumption + second
$2,090/mo
+$764/mo- Down payment
- $33,612
- Funds due
- $45,389
- Interest + MI left
- $266,124
- First ends
- Aug 2051
New loan
New conventional
$2,440/mo
+$1,114/mo- Down payment
- $33,612
- Funds due
- $42,148
- Interest + MI left
- $440,679
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,388 | $206,388 | $301,388 |
| Second mortgage | — | $95,000 | — |
| First P&I | $987.61 | $987.61 | $2,041.71 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | — | — | $60.28 |
| Taxes, insurance & HOA | $338.00 | $338.00 | $338.00 |
| Total housing payment | $1,325.61 | $2,090.00 | $2,439.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,612
Closing costs & prepaids$11,777
Usable credit−$0
Total buyer cash needed$45,389
Earnest money paid−$0
Remaining funds due$45,389
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,031.94
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)$402.00
Initial HOA (3 months)$162.00
Prepaid interest, first (9 days)$152.67
Prepaid interest, second (9 days)$210.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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%
Interest already paid$35,345Through Dec 2026
Assumption only · ends Aug 2051$85,943
Assumption + second · ends Aug 2051, second Jan 2057$266,124
New conventional · ends Jan 2057$440,679