Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,314/mo
Lowest payment- Down payment
- $198,672
- Funds due
- $209,656
- Interest + MI left
- $79,076
- First ends
- Feb 2051
Assumption
Assumption + second
$2,474/mo
+$1,159/mo- Down payment
- $40,672
- Funds due
- $53,217
- Interest + MI left
- $338,441
- First ends
- Feb 2051
New loan
New conventional
$2,871/mo
+$1,557/mo- Down payment
- $40,672
- Funds due
- $49,925
- Interest + MI left
- $532,708
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,328 | $206,328 | $364,328 |
| Second mortgage | — | $158,000 | — |
| First P&I | $984.15 | $984.15 | $2,468.08 |
| Second P&I | — | $1,159.35 | — |
| Mortgage insurance | — | — | $72.87 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $1,314.15 | $2,473.50 | $2,870.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,672
Closing costs & prepaids$12,546
Usable credit−$0
Total buyer cash needed$53,217
Earnest money paid−$0
Remaining funds due$53,217
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,031.64
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)$486.00
Initial HOA (3 months)$54.00
Prepaid interest, first (9 days)$144.49
Prepaid interest, second (9 days)$311.67
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 2.84%
Interest already paid$36,939Through Dec 2026
Assumption only · ends Feb 2051$79,076
Assumption + second · ends Feb 2051, second Jan 2057$338,441
New conventional · ends Jan 2057$532,708