Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,616/mo
Lowest payment- Down payment
- $128,129
- Funds due
- $139,280
- Interest + MI left
- $70,089
- First ends
- Nov 2051
Assumption
Assumption + second
$2,396/mo
+$780/mo- Down payment
- $31,129
- Funds due
- $43,626
- Interest + MI left
- $254,063
- First ends
- Nov 2051
New loan
New conventional
$2,704/mo
+$1,089/mo- Down payment
- $31,129
- Funds due
- $40,429
- Interest + MI left
- $402,808
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $181,771 | $181,771 | $278,771 |
| Second mortgage | — | $97,000 | — |
| First P&I | $842.34 | $842.34 | $1,875.31 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | — | — | $55.75 |
| Taxes, insurance & HOA | $773.42 | $773.42 | $773.42 |
| Total housing payment | $1,615.76 | $2,396.24 | $2,704.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,129
Closing costs & prepaids$12,497
Usable credit−$0
Total buyer cash needed$43,626
Earnest money paid−$0
Remaining funds due$43,626
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$908.86
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)$790.25
Initial HOA (3 months)$1,080.00
Prepaid interest, first (4 days)$55.18
Prepaid interest, second (4 days)$95.67
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 11 moOf the original 30-year loan at 2.77%
Interest already paid$27,354Through Dec 2026
Assumption only · ends Nov 2051$70,089
Assumption + second · ends Nov 2051, second Jan 2057$254,063
New conventional · ends Jan 2057$402,808