Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$803/mo
Lowest payment- Down payment
- $176,167
- Funds due
- $185,269
- Interest + MI left
- $38,547
- First ends
- Apr 2051
Assumption
Assumption + second
$1,889/mo
+$1,086/mo- Down payment
- $28,167
- Funds due
- $38,811
- Interest + MI left
- $281,497
- First ends
- Apr 2051
New loan
New conventional
$2,071/mo
+$1,269/mo- Down payment
- $28,167
- Funds due
- $36,051
- Interest + MI left
- $368,221
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $103,833 | $103,833 | $251,833 |
| Second mortgage | — | $148,000 | — |
| First P&I | $487.60 | $487.60 | $1,706.00 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | — | — | $50.37 |
| Taxes, insurance & HOA | $315.00 | $315.00 | $315.00 |
| Total housing payment | $802.60 | $1,888.57 | $2,071.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,167
Closing costs & prepaids$10,644
Usable credit−$0
Total buyer cash needed$38,811
Earnest money paid−$0
Remaining funds due$38,811
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$519.17
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)$336.00
Initial HOA (3 months)$159.00
Prepaid interest, first (9 days)$70.15
Prepaid interest, second (9 days)$291.95
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 4 moOf the original 30-year loan at 2.74%
Interest already paid$17,395Through Dec 2026
Assumption only · ends Apr 2051$38,547
Assumption + second · ends Apr 2051, second Jan 2057$281,497
New conventional · ends Jan 2057$368,221