Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,224/mo
Lowest payment- Down payment
- $212,736
- Funds due
- $223,704
- Interest + MI left
- $55,586
- First ends
- Feb 2051
Assumption
Assumption + second
$2,486/mo
+$1,262/mo- Down payment
- $40,736
- Funds due
- $53,293
- Interest + MI left
- $337,933
- First ends
- Feb 2051
New loan
New conventional
$2,891/mo
+$1,667/mo- Down payment
- $40,736
- Funds due
- $50,100
- Interest + MI left
- $524,793
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,964 | $186,964 | $358,964 |
| Second mortgage | — | $172,000 | — |
| First P&I | $836.38 | $836.38 | $2,431.75 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | — | — | $71.79 |
| Taxes, insurance & HOA | $387.92 | $387.92 | $387.92 |
| Total housing payment | $1,224.29 | $2,486.37 | $2,891.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,736
Closing costs & prepaids$12,557
Usable credit−$0
Total buyer cash needed$53,293
Earnest money paid−$0
Remaining funds due$53,293
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,997.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$934.82
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)$479.75
Initial HOA (3 months)$234.00
Prepaid interest, first (9 days)$103.73
Prepaid interest, second (9 days)$339.29
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 2.25%
Interest already paid$26,704Through Dec 2026
Assumption only · ends Feb 2051$55,586
Assumption + second · ends Feb 2051, second Jan 2057$337,933
New conventional · ends Jan 2057$524,793