Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,432/mo
Lowest payment- Down payment
- $215,400
- Funds due
- $226,965
- Interest + MI left
- $75,043
- First ends
- Mar 2051
Assumption
Assumption + second
$2,694/mo
+$1,262/mo- Down payment
- $43,400
- Funds due
- $56,555
- Interest + MI left
- $357,390
- First ends
- Mar 2051
New loan
New conventional
$3,115/mo
+$1,683/mo- Down payment
- $43,400
- Funds due
- $53,229
- Interest + MI left
- $557,886
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $209,600 | $209,600 | $381,600 |
| Second mortgage | — | $172,000 | — |
| First P&I | $978.16 | $978.16 | $2,585.09 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | — | — | $76.32 |
| Taxes, insurance & HOA | $454.00 | $454.00 | $454.00 |
| Total housing payment | $1,432.16 | $2,694.23 | $3,115.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,400
Closing costs & prepaids$13,155
Usable credit−$0
Total buyer cash needed$56,555
Earnest money paid−$0
Remaining funds due$56,555
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,048.00
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)$510.00
Initial HOA (3 months)$402.00
Prepaid interest, first (9 days)$137.47
Prepaid interest, second (9 days)$339.29
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 3 moOf the original 30-year loan at 2.66%
Interest already paid$34,669Through Dec 2026
Assumption only · ends Mar 2051$75,043
Assumption + second · ends Mar 2051, second Jan 2057$357,390
New conventional · ends Jan 2057$557,886