Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,590/mo
Lowest payment- Down payment
- $123,543
- Funds due
- $134,551
- Interest + MI left
- $63,661
- First ends
- Mar 2051
Assumption
Assumption + second
$2,338/mo
+$748/mo- Down payment
- $30,543
- Funds due
- $42,916
- Interest + MI left
- $240,049
- First ends
- Mar 2051
New loan
New conventional
$2,644/mo
+$1,054/mo- Down payment
- $30,543
- Funds due
- $39,771
- Interest + MI left
- $393,791
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,357 | $176,357 | $269,357 |
| Second mortgage | — | $93,000 | — |
| First P&I | $824.81 | $824.81 | $1,824.72 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | — | — | $53.87 |
| Taxes, insurance & HOA | $764.92 | $764.92 | $764.92 |
| Total housing payment | $1,589.72 | $2,338.02 | $2,643.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,543
Closing costs & prepaids$12,373
Usable credit−$0
Total buyer cash needed$42,916
Earnest money paid−$0
Remaining funds due$42,916
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$881.79
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)$764.75
Initial HOA (3 months)$1,080.00
Prepaid interest, first (5 days)$64.74
Prepaid interest, second (5 days)$114.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 2.68%
Interest already paid$29,383Through Dec 2026
Assumption only · ends Mar 2051$63,661
Assumption + second · ends Mar 2051, second Jan 2057$240,049
New conventional · ends Jan 2057$393,791