Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,683/mo
Lowest payment- Down payment
- $195,705
- Funds due
- $207,894
- Interest + MI left
- $91,796
- First ends
- Mar 2051
Assumption
Assumption + second
$2,784/mo
+$1,101/mo- Down payment
- $45,705
- Funds due
- $59,440
- Interest + MI left
- $338,028
- First ends
- Mar 2051
New loan
New conventional
$3,314/mo
+$1,630/mo- Down payment
- $45,705
- Funds due
- $55,921
- Interest + MI left
- $591,065
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,295 | $254,295 | $404,295 |
| Second mortgage | — | $150,000 | — |
| First P&I | $1,189.32 | $1,189.32 | $2,738.84 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | — | — | $80.86 |
| Taxes, insurance & HOA | $494.00 | $494.00 | $494.00 |
| Total housing payment | $1,683.32 | $2,783.96 | $3,313.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,705
Closing costs & prepaids$13,735
Usable credit−$0
Total buyer cash needed$59,440
Earnest money paid−$0
Remaining funds due$59,440
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,271.48
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)$540.00
Initial HOA (3 months)$492.00
Prepaid interest, first (9 days)$168.04
Prepaid interest, second (9 days)$295.89
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 3 moOf the original 30-year loan at 2.68%
Interest already paid$42,368Through Dec 2026
Assumption only · ends Mar 2051$91,796
Assumption + second · ends Mar 2051, second Jan 2057$338,028
New conventional · ends Jan 2057$591,065