Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,267/mo
Lowest payment- Down payment
- $150,415
- Funds due
- $160,758
- Interest + MI left
- $71,778
- First ends
- Feb 2051
Assumption
Assumption + second
$2,118/mo
+$851/mo- Down payment
- $34,415
- Funds due
- $46,237
- Interest + MI left
- $262,198
- First ends
- Feb 2051
New loan
New conventional
$2,497/mo
+$1,230/mo- Down payment
- $34,415
- Funds due
- $43,084
- Interest + MI left
- $446,670
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,485 | $189,485 | $305,485 |
| Second mortgage | — | $116,000 | — |
| First P&I | $900.91 | $900.91 | $2,069.46 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | — | — | $61.10 |
| Taxes, insurance & HOA | $366.00 | $366.00 | $366.00 |
| Total housing payment | $1,266.91 | $2,118.08 | $2,496.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,415
Closing costs & prepaids$11,823
Usable credit−$0
Total buyer cash needed$46,237
Earnest money paid−$0
Remaining funds due$46,237
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$947.43
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)$240.00
Prepaid interest, first (9 days)$131.29
Prepaid interest, second (9 days)$228.82
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 2 moOf the original 30-year loan at 2.81%
Interest already paid$33,577Through Dec 2026
Assumption only · ends Feb 2051$71,778
Assumption + second · ends Feb 2051, second Jan 2057$262,198
New conventional · ends Jan 2057$446,670