Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,171/mo
Lowest payment- Down payment
- $171,855
- Funds due
- $182,102
- Interest + MI left
- $58,339
- First ends
- Apr 2051
Assumption
Assumption + second
$2,183/mo
+$1,013/mo- Down payment
- $33,855
- Funds due
- $45,625
- Interest + MI left
- $284,873
- First ends
- Apr 2051
New loan
New conventional
$2,491/mo
+$1,320/mo- Down payment
- $33,855
- Funds due
- $42,602
- Interest + MI left
- $431,492
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $157,145 | $157,145 | $295,145 |
| Second mortgage | — | $138,000 | — |
| First P&I | $737.96 | $737.96 | $1,999.42 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | — | — | $59.03 |
| Taxes, insurance & HOA | $432.58 | $432.58 | $432.58 |
| Total housing payment | $1,170.54 | $2,183.14 | $2,491.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,855
Closing costs & prepaids$11,770
Usable credit−$0
Total buyer cash needed$45,625
Earnest money paid−$0
Remaining funds due$45,625
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$785.73
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)$394.75
Initial HOA (3 months)$453.00
Prepaid interest, first (9 days)$106.17
Prepaid interest, second (9 days)$272.22
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$26,326Through Dec 2026
Assumption only · ends Apr 2051$58,339
Assumption + second · ends Apr 2051, second Jan 2057$284,873
New conventional · ends Jan 2057$431,492