Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,028/mo
Lowest payment- Down payment
- $203,028
- Funds due
- $213,152
- Interest + MI left
- $52,801
- First ends
- Mar 2051
Assumption
Assumption + second
$2,261/mo
+$1,233/mo- Down payment
- $35,028
- Funds due
- $46,734
- Interest + MI left
- $328,582
- First ends
- Mar 2051
New loan
New conventional
$2,538/mo
+$1,510/mo- Down payment
- $35,028
- Funds due
- $43,735
- Interest + MI left
- $460,395
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $146,872 | $146,872 | $314,872 |
| Second mortgage | — | $168,000 | — |
| First P&I | $686.16 | $686.16 | $2,133.05 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | — | — | $62.97 |
| Taxes, insurance & HOA | $342.00 | $342.00 | $342.00 |
| Total housing payment | $1,028.16 | $2,260.89 | $2,538.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,028
Closing costs & prepaids$11,705
Usable credit−$0
Total buyer cash needed$46,734
Earnest money paid−$0
Remaining funds due$46,734
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$734.36
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)$420.00
Initial HOA (3 months)$156.00
Prepaid interest, first (9 days)$96.69
Prepaid interest, second (9 days)$331.40
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 2.67%
Interest already paid$24,382Through Dec 2026
Assumption only · ends Mar 2051$52,801
Assumption + second · ends Mar 2051, second Jan 2057$328,582
New conventional · ends Jan 2057$460,395