Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,535/mo
Lowest payment- Down payment
- $65,910
- Funds due
- $76,128
- Interest + MI left
- $71,918
- First ends
- Feb 2051
Assumption
Assumption + second
$1,857/mo
+$322/mo- Down payment
- $25,910
- Funds due
- $37,427
- Interest + MI left
- $147,783
- First ends
- Feb 2051
New loan
New conventional
$2,215/mo
+$680/mo- Down payment
- $25,910
- Funds due
- $34,304
- Interest + MI left
- $327,552
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,080 | $184,080 | $224,080 |
| Second mortgage | — | $40,000 | — |
| First P&I | $882.75 | $882.75 | $1,518.00 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | — | — | $44.82 |
| Taxes, insurance & HOA | $652.50 | $652.50 | $652.50 |
| Total housing payment | $1,535.25 | $1,857.10 | $2,215.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,910
Closing costs & prepaids$11,518
Usable credit−$0
Total buyer cash needed$37,427
Earnest money paid−$0
Remaining funds due$37,427
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,499.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$920.40
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)$637.50
Initial HOA (3 months)$870.00
Prepaid interest, first (5 days)$72.88
Prepaid interest, second (5 days)$49.32
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 2 moOf the original 30-year loan at 2.89%
Interest already paid$33,517Through Dec 2026
Assumption only · ends Feb 2051$71,918
Assumption + second · ends Feb 2051, second Jan 2057$147,783
New conventional · ends Jan 2057$327,552