Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,094/mo
Lowest payment- Down payment
- $178,529
- Funds due
- $188,576
- Interest + MI left
- $62,367
- First ends
- Jan 2051
Assumption
Assumption + second
$2,150/mo
+$1,057/mo- Down payment
- $34,529
- Funds due
- $46,110
- Interest + MI left
- $298,750
- First ends
- Jan 2051
New loan
New conventional
$2,449/mo
+$1,356/mo- Down payment
- $34,529
- Funds due
- $43,057
- Interest + MI left
- $446,587
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,470 | $161,470 | $305,470 |
| Second mortgage | — | $144,000 | — |
| First P&I | $774.52 | $774.52 | $2,069.36 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | — | — | $61.09 |
| Taxes, insurance & HOA | $319.00 | $319.00 | $319.00 |
| Total housing payment | $1,093.52 | $2,150.14 | $2,449.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,529
Closing costs & prepaids$11,581
Usable credit−$0
Total buyer cash needed$46,110
Earnest money paid−$0
Remaining funds due$46,110
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,399.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$807.35
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)$408.00
Initial HOA (3 months)$99.00
Prepaid interest, first (9 days)$114.27
Prepaid interest, second (9 days)$284.05
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 2.87%
Interest already paid$29,661Through Dec 2026
Assumption only · ends Jan 2051$62,367
Assumption + second · ends Jan 2051, second Jan 2057$298,750
New conventional · ends Jan 2057$446,587