Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$981/mo
Lowest payment- Down payment
- $271,100
- Funds due
- $281,751
- Interest + MI left
- $45,862
- First ends
- Sep 2051
Assumption
Assumption + second
$2,636/mo
+$1,655/mo- Down payment
- $40,100
- Funds due
- $52,442
- Interest + MI left
- $410,630
- First ends
- Sep 2051
New loan
New conventional
$2,895/mo
+$1,914/mo- Down payment
- $40,100
- Funds due
- $49,466
- Interest + MI left
- $526,233
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $128,900 | $128,900 | $359,900 |
| Second mortgage | — | $231,000 | — |
| First P&I | $596.05 | $596.05 | $2,438.09 |
| Second P&I | — | $1,654.91 | — |
| Mortgage insurance | — | — | $71.98 |
| Taxes, insurance & HOA | $385.00 | $385.00 | $385.00 |
| Total housing payment | $981.05 | $2,635.96 | $2,895.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,100
Closing costs & prepaids$12,342
Usable credit−$0
Total buyer cash needed$52,442
Earnest money paid−$0
Remaining funds due$52,442
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$644.50
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)$480.00
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$83.43
Prepaid interest, second (9 days)$441.43
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 9 moOf the original 30-year loan at 2.625%
Interest already paid$19,238Through Dec 2026
Assumption only · ends Sep 2051$45,862
Assumption + second · ends Sep 2051, second Jan 2057$410,630
New conventional · ends Jan 2057$526,233