Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,093/mo
Lowest payment- Down payment
- $180,186
- Funds due
- $190,230
- Interest + MI left
- $56,146
- First ends
- Feb 2051
Assumption
Assumption + second
$2,172/mo
+$1,079/mo- Down payment
- $33,186
- Funds due
- $44,770
- Interest + MI left
- $297,454
- First ends
- Feb 2051
New loan
New conventional
$2,435/mo
+$1,342/mo- Down payment
- $33,186
- Funds due
- $41,796
- Interest + MI left
- $426,622
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $144,814 | $144,814 | $291,814 |
| Second mortgage | — | $147,000 | — |
| First P&I | $692.97 | $692.97 | $1,976.85 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | — | — | $58.36 |
| Taxes, insurance & HOA | $400.00 | $400.00 | $400.00 |
| Total housing payment | $1,092.97 | $2,171.60 | $2,435.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,186
Closing costs & prepaids$11,585
Usable credit−$0
Total buyer cash needed$44,770
Earnest money paid−$0
Remaining funds due$44,770
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$724.07
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)$390.00
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$102.48
Prepaid interest, second (9 days)$289.97
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 2.87%
Interest already paid$26,191Through Dec 2026
Assumption only · ends Feb 2051$56,146
Assumption + second · ends Feb 2051, second Jan 2057$297,454
New conventional · ends Jan 2057$426,622