Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$801/mo
Lowest payment- Down payment
- $250,547
- Funds due
- $260,324
- Interest + MI left
- $28,427
- First ends
- Jan 2051
Assumption
Assumption + second
$2,363/mo
+$1,562/mo- Down payment
- $32,547
- Funds due
- $43,991
- Interest + MI left
- $372,667
- First ends
- Jan 2051
New loan
New conventional
$2,485/mo
+$1,684/mo- Down payment
- $32,547
- Funds due
- $41,299
- Interest + MI left
- $427,615
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $74,453 | $74,453 | $292,453 |
| Second mortgage | — | $218,000 | — |
| First P&I | $355.99 | $355.99 | $1,981.18 |
| Second P&I | — | $1,561.78 | — |
| Mortgage insurance | — | — | $58.49 |
| Taxes, insurance & HOA | $445.00 | $445.00 | $445.00 |
| Total housing payment | $800.99 | $2,362.76 | $2,484.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,547
Closing costs & prepaids$11,444
Usable credit−$0
Total buyer cash needed$43,991
Earnest money paid−$0
Remaining funds due$43,991
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%)$372.27
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)$495.00
Prepaid interest, first (9 days)$52.14
Prepaid interest, second (9 days)$416.59
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 1 moOf the original 30-year loan at 2.84%
Interest already paid$13,538Through Dec 2026
Assumption only · ends Jan 2051$28,427
Assumption + second · ends Jan 2051, second Jan 2057$372,667
New conventional · ends Jan 2057$427,615