Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,255/mo
Lowest payment- Down payment
- $208,898
- Funds due
- $219,827
- Interest + MI left
- $75,942
- First ends
- Oct 2051
Assumption
Assumption + second
$2,487/mo
+$1,233/mo- Down payment
- $40,898
- Funds due
- $53,409
- Interest + MI left
- $351,722
- First ends
- Oct 2051
New loan
New conventional
$2,859/mo
+$1,605/mo- Down payment
- $40,898
- Funds due
- $50,174
- Interest + MI left
- $523,531
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,101 | $190,101 | $358,101 |
| Second mortgage | — | $168,000 | — |
| First P&I | $892.76 | $892.76 | $2,425.90 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | — | — | $71.62 |
| Taxes, insurance & HOA | $361.91 | $361.91 | $361.91 |
| Total housing payment | $1,254.67 | $2,487.40 | $2,859.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,898
Closing costs & prepaids$12,510
Usable credit−$0
Total buyer cash needed$53,409
Earnest money paid−$0
Remaining funds due$53,409
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,989.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$950.50
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)$478.75
Initial HOA (3 months)$156.99
Prepaid interest, first (9 days)$134.53
Prepaid interest, second (9 days)$331.40
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 10 moOf the original 30-year loan at 2.87%
Interest already paid$30,135Through Dec 2026
Assumption only · ends Oct 2051$75,942
Assumption + second · ends Oct 2051, second Jan 2057$351,722
New conventional · ends Jan 2057$523,531