Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,238/mo
Lowest payment- Down payment
- $234,866
- Funds due
- $245,916
- Interest + MI left
- $79,305
- First ends
- Jun 2051
Assumption
Assumption + second
$2,647/mo
+$1,409/mo- Down payment
- $42,866
- Funds due
- $55,545
- Interest + MI left
- $394,483
- First ends
- Jun 2051
New loan
New conventional
$2,969/mo
+$1,730/mo- Down payment
- $42,866
- Funds due
- $52,296
- Interest + MI left
- $551,211
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,034 | $185,034 | $377,034 |
| Second mortgage | — | $192,000 | — |
| First P&I | $899.11 | $899.11 | $2,554.16 |
| Second P&I | — | $1,408.83 | — |
| Mortgage insurance | — | — | $75.41 |
| Taxes, insurance & HOA | $339.00 | $339.00 | $339.00 |
| Total housing payment | $1,238.11 | $2,646.94 | $2,968.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,866
Closing costs & prepaids$12,679
Usable credit−$0
Total buyer cash needed$55,545
Earnest money paid−$0
Remaining funds due$55,545
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$925.17
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)$504.00
Initial HOA (3 months)$63.00
Prepaid interest, first (9 days)$141.44
Prepaid interest, second (9 days)$378.74
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 6 moOf the original 30-year loan at 3.1%
Interest already paid$33,819Through Dec 2026
Assumption only · ends Jun 2051$79,305
Assumption + second · ends Jun 2051, second Jan 2057$394,483
New conventional · ends Jan 2057$551,211