Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,244/mo
Lowest payment- Down payment
- $141,034
- Funds due
- $151,182
- Interest + MI left
- $77,406
- First ends
- Jul 2051
Assumption
Assumption + second
$2,036/mo
+$792/mo- Down payment
- $33,034
- Funds due
- $44,645
- Interest + MI left
- $254,694
- First ends
- Jul 2051
New loan
New conventional
$2,394/mo
+$1,150/mo- Down payment
- $33,034
- Funds due
- $41,518
- Interest + MI left
- $426,698
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,866 | $183,866 | $291,866 |
| Second mortgage | — | $108,000 | — |
| First P&I | $885.67 | $885.67 | $1,977.20 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | — | — | $58.37 |
| Taxes, insurance & HOA | $358.00 | $358.00 | $358.00 |
| Total housing payment | $1,243.67 | $2,036.13 | $2,393.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,034
Closing costs & prepaids$11,611
Usable credit−$0
Total buyer cash needed$44,645
Earnest money paid−$0
Remaining funds due$44,645
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$919.33
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)$234.00
Prepaid interest, first (9 days)$137.82
Prepaid interest, second (9 days)$213.04
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 7 moOf the original 30-year loan at 3.04%
Interest already paid$32,434Through Dec 2026
Assumption only · ends Jul 2051$77,406
Assumption + second · ends Jul 2051, second Jan 2057$254,694
New conventional · ends Jan 2057$426,698