Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,280/mo
Lowest payment- Down payment
- $201,019
- Funds due
- $211,880
- Interest + MI left
- $71,448
- First ends
- Jan 2051
Assumption
Assumption + second
$2,468/mo
+$1,189/mo- Down payment
- $39,019
- Funds due
- $51,449
- Interest + MI left
- $337,379
- First ends
- Jan 2051
New loan
New conventional
$2,812/mo
+$1,533/mo- Down payment
- $39,019
- Funds due
- $48,255
- Interest + MI left
- $507,344
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,981 | $184,981 | $346,981 |
| Second mortgage | — | $162,000 | — |
| First P&I | $887.30 | $887.30 | $2,350.57 |
| Second P&I | — | $1,188.70 | — |
| Mortgage insurance | — | — | $69.40 |
| Taxes, insurance & HOA | $392.42 | $392.42 | $392.42 |
| Total housing payment | $1,279.71 | $2,468.41 | $2,812.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,019
Closing costs & prepaids$12,431
Usable credit−$0
Total buyer cash needed$51,449
Earnest money paid−$0
Remaining funds due$51,449
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,860.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$924.91
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)$463.25
Initial HOA (3 months)$264.00
Prepaid interest, first (9 days)$130.91
Prepaid interest, second (9 days)$319.56
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 2.87%
Interest already paid$33,979Through Dec 2026
Assumption only · ends Jan 2051$71,448
Assumption + second · ends Jan 2051, second Jan 2057$337,379
New conventional · ends Jan 2057$507,344