Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,237/mo
Lowest payment- Down payment
- $225,245
- Funds due
- $236,234
- Interest + MI left
- $65,127
- First ends
- Feb 2051
Assumption
Assumption + second
$2,594/mo
+$1,357/mo- Down payment
- $40,245
- Funds due
- $52,849
- Interest + MI left
- $368,814
- First ends
- Feb 2051
New loan
New conventional
$2,918/mo
+$1,682/mo- Down payment
- $40,245
- Funds due
- $49,683
- Interest + MI left
- $525,875
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,655 | $174,655 | $359,655 |
| Second mortgage | — | $185,000 | — |
| First P&I | $826.83 | $826.83 | $2,436.43 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | — | — | $71.93 |
| Taxes, insurance & HOA | $410.00 | $410.00 | $410.00 |
| Total housing payment | $1,236.83 | $2,594.30 | $2,918.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,245
Closing costs & prepaids$12,604
Usable credit−$0
Total buyer cash needed$52,849
Earnest money paid−$0
Remaining funds due$52,849
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$873.28
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)$480.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$119.29
Prepaid interest, second (9 days)$364.93
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 2 moOf the original 30-year loan at 2.77%
Interest already paid$30,522Through Dec 2026
Assumption only · ends Feb 2051$65,127
Assumption + second · ends Feb 2051, second Jan 2057$368,814
New conventional · ends Jan 2057$525,875