Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,389/mo
Lowest payment- Down payment
- $92,470
- Funds due
- $102,802
- Interest + MI left
- $68,371
- First ends
- Jan 2051
Assumption
Assumption + second
$1,863/mo
+$475/mo- Down payment
- $33,470
- Funds due
- $45,183
- Interest + MI left
- $180,273
- First ends
- Jan 2051
New loan
New conventional
$2,374/mo
+$985/mo- Down payment
- $33,470
- Funds due
- $41,898
- Interest + MI left
- $426,207
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,530 | $232,530 | $291,530 |
| Second mortgage | — | $59,000 | — |
| First P&I | $1,047.84 | $1,047.84 | $1,974.93 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | — | — | $58.31 |
| Taxes, insurance & HOA | $340.67 | $340.67 | $340.67 |
| Total housing payment | $1,388.51 | $1,863.24 | $2,373.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,470
Closing costs & prepaids$11,713
Usable credit−$0
Total buyer cash needed$45,183
Earnest money paid−$0
Remaining funds due$45,183
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,162.65
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)$390.00
Initial HOA (3 months)$182.01
Prepaid interest, first (9 days)$128.95
Prepaid interest, second (9 days)$130.93
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 2.249%
Interest already paid$33,884Through Dec 2026
Assumption only · ends Jan 2051$68,371
Assumption + second · ends Jan 2051, second Jan 2057$180,273
New conventional · ends Jan 2057$426,207