Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,316/mo
Lowest payment- Down payment
- $51,219
- Funds due
- $60,710
- Interest + MI left
- $65,808
- First ends
- Apr 2051
Assumption
Assumption + second
$1,541/mo
+$225/mo- Down payment
- $23,219
- Funds due
- $34,022
- Interest + MI left
- $118,914
- First ends
- Apr 2051
New loan
New conventional
$1,902/mo
+$587/mo- Down payment
- $23,219
- Funds due
- $31,054
- Interest + MI left
- $294,956
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,781 | $173,781 | $201,781 |
| Second mortgage | — | $28,000 | — |
| First P&I | $820.51 | $820.51 | $1,366.93 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | — | — | $40.36 |
| Taxes, insurance & HOA | $495.00 | $495.00 | $495.00 |
| Total housing payment | $1,315.51 | $1,540.81 | $1,902.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,219
Closing costs & prepaids$10,804
Usable credit−$0
Total buyer cash needed$34,022
Earnest money paid−$0
Remaining funds due$34,022
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$868.91
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)$270.00
Initial HOA (3 months)$765.00
Prepaid interest, first (9 days)$119.55
Prepaid interest, second (9 days)$62.14
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 4 moOf the original 30-year loan at 2.79%
Interest already paid$29,628Through Dec 2026
Assumption only · ends Apr 2051$65,808
Assumption + second · ends Apr 2051, second Jan 2057$118,914
New conventional · ends Jan 2057$294,956