Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,076/mo
Lowest payment- Down payment
- $227,863
- Funds due
- $238,350
- Interest + MI left
- $61,045
- First ends
- Sep 2051
Assumption
Assumption + second
$2,470/mo
+$1,394/mo- Down payment
- $37,863
- Funds due
- $49,975
- Interest + MI left
- $372,940
- First ends
- Sep 2051
New loan
New conventional
$2,726/mo
+$1,650/mo- Down payment
- $37,863
- Funds due
- $46,931
- Interest + MI left
- $492,950
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,137 | $147,137 | $337,137 |
| Second mortgage | — | $190,000 | — |
| First P&I | $700.95 | $700.95 | $2,283.88 |
| Second P&I | — | $1,394.15 | — |
| Mortgage insurance | — | — | $67.43 |
| Taxes, insurance & HOA | $375.00 | $375.00 | $375.00 |
| Total housing payment | $1,075.95 | $2,470.10 | $2,726.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,863
Closing costs & prepaids$12,112
Usable credit−$0
Total buyer cash needed$49,975
Earnest money paid−$0
Remaining funds due$49,975
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$735.68
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)$450.00
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$108.12
Prepaid interest, second (9 days)$374.79
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 9 moOf the original 30-year loan at 2.98%
Interest already paid$24,613Through Dec 2026
Assumption only · ends Sep 2051$61,045
Assumption + second · ends Sep 2051, second Jan 2057$372,940
New conventional · ends Jan 2057$492,950