Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,197/mo
Lowest payment- Down payment
- $139,187
- Funds due
- $149,234
- Interest + MI left
- $40,229
- First ends
- Apr 2051
Assumption
Assumption + second
$2,012/mo
+$814/mo- Down payment
- $28,187
- Funds due
- $39,703
- Interest + MI left
- $222,442
- First ends
- Apr 2051
New loan
New conventional
$2,310/mo
+$1,113/mo- Down payment
- $28,187
- Funds due
- $36,848
- Interest + MI left
- $358,639
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $134,313 | $134,313 | $245,313 |
| Second mortgage | — | $111,000 | — |
| First P&I | $597.75 | $597.75 | $1,661.84 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | — | — | $49.06 |
| Taxes, insurance & HOA | $599.42 | $599.42 | $599.42 |
| Total housing payment | $1,197.17 | $2,011.64 | $2,310.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,187
Closing costs & prepaids$11,516
Usable credit−$0
Total buyer cash needed$39,703
Earnest money paid−$0
Remaining funds due$39,703
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,735.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$671.57
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)$328.25
Initial HOA (3 months)$1,020.00
Prepaid interest, first (9 days)$74.52
Prepaid interest, second (9 days)$218.96
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 2.25%
Interest already paid$18,582Through Dec 2026
Assumption only · ends Apr 2051$40,229
Assumption + second · ends Apr 2051, second Jan 2057$222,442
New conventional · ends Jan 2057$358,639