Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$951/mo
Lowest payment- Down payment
- $135,388
- Funds due
- $144,534
- Interest + MI left
- $46,809
- First ends
- Feb 2051
Assumption
Assumption + second
$1,751/mo
+$800/mo- Down payment
- $26,388
- Funds due
- $36,999
- Interest + MI left
- $225,739
- First ends
- Feb 2051
New loan
New conventional
$1,982/mo
+$1,031/mo- Down payment
- $26,388
- Funds due
- $34,189
- Interest + MI left
- $338,609
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $122,612 | $122,612 | $231,612 |
| Second mortgage | — | $109,000 | — |
| First P&I | $584.21 | $584.21 | $1,569.02 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | — | — | $46.32 |
| Taxes, insurance & HOA | $366.50 | $366.50 | $366.50 |
| Total housing payment | $950.71 | $1,750.51 | $1,981.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,388
Closing costs & prepaids$10,611
Usable credit−$0
Total buyer cash needed$36,999
Earnest money paid−$0
Remaining funds due$36,999
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,580.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$613.06
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)$309.50
Initial HOA (3 months)$339.99
Prepaid interest, first (9 days)$85.56
Prepaid interest, second (9 days)$215.01
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 2.83%
Interest already paid$21,876Through Dec 2026
Assumption only · ends Feb 2051$46,809
Assumption + second · ends Feb 2051, second Jan 2057$225,739
New conventional · ends Jan 2057$338,609