Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,457/mo
Lowest payment- Down payment
- $93,577
- Funds due
- $103,901
- Interest + MI left
- $66,280
- First ends
- Jan 2051
Assumption
Assumption + second
$1,989/mo
+$531/mo- Down payment
- $27,577
- Funds due
- $39,297
- Interest + MI left
- $191,458
- First ends
- Jan 2051
New loan
New conventional
$2,308/mo
+$851/mo- Down payment
- $27,577
- Funds due
- $36,258
- Interest + MI left
- $354,268
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,323 | $176,323 | $242,323 |
| Second mortgage | — | $66,000 | — |
| First P&I | $839.46 | $839.46 | $1,641.58 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | — | — | $48.46 |
| Taxes, insurance & HOA | $618.00 | $618.00 | $618.00 |
| Total housing payment | $1,457.46 | $1,988.51 | $2,308.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,577
Closing costs & prepaids$11,721
Usable credit−$0
Total buyer cash needed$39,297
Earnest money paid−$0
Remaining funds due$39,297
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$881.62
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)$324.00
Initial HOA (3 months)$1,080.00
Prepaid interest, first (9 days)$121.74
Prepaid interest, second (9 days)$146.47
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 2.8%
Interest already paid$31,625Through Dec 2026
Assumption only · ends Jan 2051$66,280
Assumption + second · ends Jan 2051, second Jan 2057$191,458
New conventional · ends Jan 2057$354,268