Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,013/mo
Lowest payment- Down payment
- $93,759
- Funds due
- $102,676
- Interest + MI left
- $47,594
- First ends
- Jan 2051
Assumption
Assumption + second
$1,585/mo
+$571/mo- Down payment
- $22,759
- Funds due
- $33,084
- Interest + MI left
- $182,256
- First ends
- Jan 2051
New loan
New conventional
$1,784/mo
+$770/mo- Down payment
- $22,759
- Funds due
- $30,289
- Interest + MI left
- $286,712
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $125,141 | $125,141 | $196,141 |
| Second mortgage | — | $71,000 | — |
| First P&I | $597.70 | $597.70 | $1,328.73 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | — | — | $39.23 |
| Taxes, insurance & HOA | $415.58 | $415.58 | $415.58 |
| Total housing payment | $1,013.28 | $1,584.56 | $1,783.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,759
Closing costs & prepaids$10,324
Usable credit−$0
Total buyer cash needed$33,084
Earnest money paid−$0
Remaining funds due$33,084
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,189.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$625.70
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)$262.75
Initial HOA (3 months)$534.00
Prepaid interest, first (9 days)$87.32
Prepaid interest, second (9 days)$157.56
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 1 moOf the original 30-year loan at 2.83%
Interest already paid$22,677Through Dec 2026
Assumption only · ends Jan 2051$47,594
Assumption + second · ends Jan 2051, second Jan 2057$182,256
New conventional · ends Jan 2057$286,712