Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,318/mo
Lowest payment- Down payment
- $145,422
- Funds due
- $155,918
- Interest + MI left
- $69,952
- First ends
- Mar 2051
Assumption
Assumption + second
$2,133/mo
+$814/mo- Down payment
- $34,422
- Funds due
- $46,387
- Interest + MI left
- $252,164
- First ends
- Mar 2051
New loan
New conventional
$2,540/mo
+$1,222/mo- Down payment
- $34,422
- Funds due
- $43,221
- Interest + MI left
- $446,806
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,578 | $194,578 | $305,578 |
| Second mortgage | — | $111,000 | — |
| First P&I | $909.04 | $909.04 | $2,070.09 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | — | — | $61.12 |
| Taxes, insurance & HOA | $409.00 | $409.00 | $409.00 |
| Total housing payment | $1,318.04 | $2,132.52 | $2,540.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,422
Closing costs & prepaids$11,965
Usable credit−$0
Total buyer cash needed$46,387
Earnest money paid−$0
Remaining funds due$46,387
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$972.89
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)$408.00
Initial HOA (3 months)$369.00
Prepaid interest, first (9 days)$128.10
Prepaid interest, second (9 days)$218.96
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 3 moOf the original 30-year loan at 2.67%
Interest already paid$32,301Through Dec 2026
Assumption only · ends Mar 2051$69,952
Assumption + second · ends Mar 2051, second Jan 2057$252,164
New conventional · ends Jan 2057$446,806