Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,016/mo
Lowest payment- Down payment
- $168,188
- Funds due
- $177,919
- Interest + MI left
- $55,489
- First ends
- Feb 2051
Assumption
Assumption + second
$2,014/mo
+$998/mo- Down payment
- $32,188
- Funds due
- $43,438
- Interest + MI left
- $278,740
- First ends
- Feb 2051
New loan
New conventional
$2,308/mo
+$1,292/mo- Down payment
- $32,188
- Funds due
- $40,454
- Interest + MI left
- $420,829
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $151,812 | $151,812 | $287,812 |
| Second mortgage | — | $136,000 | — |
| First P&I | $714.83 | $714.83 | $1,949.74 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | — | — | $57.56 |
| Taxes, insurance & HOA | $301.00 | $301.00 | $301.00 |
| Total housing payment | $1,015.83 | $2,013.75 | $2,308.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,188
Closing costs & prepaids$11,250
Usable credit−$0
Total buyer cash needed$43,438
Earnest money paid−$0
Remaining funds due$43,438
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$759.06
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)$384.00
Initial HOA (3 months)$69.00
Prepaid interest, first (9 days)$101.82
Prepaid interest, second (9 days)$268.27
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$26,067Through Dec 2026
Assumption only · ends Feb 2051$55,489
Assumption + second · ends Feb 2051, second Jan 2057$278,740
New conventional · ends Jan 2057$420,829