Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,558/mo
Lowest payment- Down payment
- $97,398
- Funds due
- $108,112
- Interest + MI left
- $70,398
- First ends
- Feb 2051
Assumption
Assumption + second
$2,105/mo
+$547/mo- Down payment
- $29,398
- Funds due
- $41,512
- Interest + MI left
- $199,370
- First ends
- Feb 2051
New loan
New conventional
$2,469/mo
+$911/mo- Down payment
- $29,398
- Funds due
- $38,393
- Interest + MI left
- $381,043
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $192,602 | $192,602 | $260,602 |
| Second mortgage | — | $68,000 | — |
| First P&I | $906.90 | $906.90 | $1,765.41 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | — | — | $52.12 |
| Taxes, insurance & HOA | $651.00 | $651.00 | $651.00 |
| Total housing payment | $1,557.90 | $2,105.04 | $2,468.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,398
Closing costs & prepaids$12,114
Usable credit−$0
Total buyer cash needed$41,512
Earnest money paid−$0
Remaining funds due$41,512
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$963.01
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)$348.00
Initial HOA (3 months)$1,155.00
Prepaid interest, first (9 days)$129.18
Prepaid interest, second (9 days)$150.90
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$33,070Through Dec 2026
Assumption only · ends Feb 2051$70,398
Assumption + second · ends Feb 2051, second Jan 2057$199,370
New conventional · ends Jan 2057$381,043