Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,147/mo
Lowest payment- Down payment
- $221,670
- Funds due
- $232,330
- Interest + MI left
- $68,234
- First ends
- Mar 2051
Assumption
Assumption + second
$2,483/mo
+$1,335/mo- Down payment
- $39,670
- Funds due
- $51,939
- Interest + MI left
- $366,996
- First ends
- Mar 2051
New loan
New conventional
$2,795/mo
+$1,648/mo- Down payment
- $39,670
- Funds due
- $48,779
- Interest + MI left
- $519,551
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,330 | $173,330 | $355,330 |
| Second mortgage | — | $182,000 | — |
| First P&I | $830.12 | $830.12 | $2,407.13 |
| Second P&I | — | $1,335.45 | — |
| Mortgage insurance | — | — | $71.07 |
| Taxes, insurance & HOA | $317.17 | $317.17 | $317.17 |
| Total housing payment | $1,147.29 | $2,482.74 | $2,795.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,670
Closing costs & prepaids$12,269
Usable credit−$0
Total buyer cash needed$51,939
Earnest money paid−$0
Remaining funds due$51,939
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$866.65
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)$474.00
Initial HOA (3 months)$27.51
Prepaid interest, first (9 days)$123.94
Prepaid interest, second (9 days)$359.01
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 2.9%
Interest already paid$31,171Through Dec 2026
Assumption only · ends Mar 2051$68,234
Assumption + second · ends Mar 2051, second Jan 2057$366,996
New conventional · ends Jan 2057$519,551