Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$807/mo
Lowest payment- Down payment
- $197,868
- Funds due
- $207,202
- Interest + MI left
- $41,813
- First ends
- Feb 2051
Assumption
Assumption + second
$2,025/mo
+$1,218/mo- Down payment
- $31,868
- Funds due
- $42,779
- Interest + MI left
- $314,310
- First ends
- Feb 2051
New loan
New conventional
$2,216/mo
+$1,409/mo- Down payment
- $31,868
- Funds due
- $39,945
- Interest + MI left
- $406,619
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,132 | $112,132 | $278,132 |
| Second mortgage | — | $166,000 | — |
| First P&I | $530.84 | $530.84 | $1,884.16 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | — | — | $55.63 |
| Taxes, insurance & HOA | $276.08 | $276.08 | $276.08 |
| Total housing payment | $806.92 | $2,024.97 | $2,215.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,868
Closing costs & prepaids$10,911
Usable credit−$0
Total buyer cash needed$42,779
Earnest money paid−$0
Remaining funds due$42,779
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$560.66
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)$372.00
Initial HOA (3 months)$6.24
Prepaid interest, first (9 days)$76.59
Prepaid interest, second (9 days)$327.45
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 2.77%
Interest already paid$19,596Through Dec 2026
Assumption only · ends Feb 2051$41,813
Assumption + second · ends Feb 2051, second Jan 2057$314,310
New conventional · ends Jan 2057$406,619