Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,266/mo
Lowest payment- Down payment
- $144,848
- Funds due
- $155,076
- Interest + MI left
- $78,335
- First ends
- Jul 2051
Assumption
Assumption + second
$2,088/mo
+$822/mo- Down payment
- $32,848
- Funds due
- $44,547
- Interest + MI left
- $262,189
- First ends
- Jul 2051
New loan
New conventional
$2,428/mo
+$1,161/mo- Down payment
- $32,848
- Funds due
- $41,432
- Interest + MI left
- $427,175
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,152 | $180,152 | $292,152 |
| Second mortgage | — | $112,000 | — |
| First P&I | $876.23 | $876.23 | $1,979.14 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | — | — | $58.43 |
| Taxes, insurance & HOA | $390.00 | $390.00 | $390.00 |
| Total housing payment | $1,266.23 | $2,088.04 | $2,427.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,848
Closing costs & prepaids$11,699
Usable credit−$0
Total buyer cash needed$44,547
Earnest money paid−$0
Remaining funds due$44,547
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%)$900.76
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)$330.00
Prepaid interest, first (9 days)$139.04
Prepaid interest, second (9 days)$220.93
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 7 moOf the original 30-year loan at 3.13%
Interest already paid$32,690Through Dec 2026
Assumption only · ends Jul 2051$78,335
Assumption + second · ends Jul 2051, second Jan 2057$262,189
New conventional · ends Jan 2057$427,175