Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,122/mo
Lowest payment- Down payment
- $51,319
- Funds due
- $60,254
- Interest + MI left
- $67,868
- First ends
- Feb 2051
Assumption
Assumption + second
$1,340/mo
+$217/mo- Down payment
- $24,319
- Funds due
- $34,564
- Interest + MI left
- $119,077
- First ends
- Feb 2051
New loan
New conventional
$1,731/mo
+$609/mo- Down payment
- $24,319
- Funds due
- $31,541
- Interest + MI left
- $310,932
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,681 | $185,681 | $212,681 |
| Second mortgage | — | $27,000 | — |
| First P&I | $874.31 | $874.31 | $1,440.78 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | — | — | $42.54 |
| Taxes, insurance & HOA | $248.00 | $248.00 | $248.00 |
| Total housing payment | $1,122.31 | $1,339.56 | $1,731.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,319
Closing costs & prepaids$10,245
Usable credit−$0
Total buyer cash needed$34,564
Earnest money paid−$0
Remaining funds due$34,564
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,370.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$928.40
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)$284.50
Initial HOA (3 months)$9.51
Prepaid interest, first (9 days)$124.53
Prepaid interest, second (9 days)$59.92
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 2.72%
Interest already paid$31,882Through Dec 2026
Assumption only · ends Feb 2051$67,868
Assumption + second · ends Feb 2051, second Jan 2057$119,077
New conventional · ends Jan 2057$310,932