Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,522/mo
Lowest payment- Down payment
- $54,021
- Funds due
- $64,137
- Interest + MI left
- $74,516
- First ends
- Dec 2051
Assumption
Assumption + second
$1,763/mo
+$241/mo- Down payment
- $24,021
- Funds due
- $35,417
- Interest + MI left
- $131,415
- First ends
- Dec 2051
New loan
New conventional
$2,149/mo
+$627/mo- Down payment
- $24,021
- Funds due
- $32,285
- Interest + MI left
- $311,933
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,879 | $185,879 | $215,879 |
| Second mortgage | — | $30,000 | — |
| First P&I | $867.98 | $867.98 | $1,452.23 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | — | — | $43.18 |
| Taxes, insurance & HOA | $653.92 | $653.92 | $653.92 |
| Total housing payment | $1,521.90 | $1,763.29 | $2,149.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,021
Closing costs & prepaids$11,396
Usable credit−$0
Total buyer cash needed$35,417
Earnest money paid−$0
Remaining funds due$35,417
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$929.40
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)$611.75
Initial HOA (3 months)$900.00
Prepaid interest, first (4 days)$58.26
Prepaid interest, second (4 days)$29.59
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 closing25 yrOf the original 30-year loan at 2.86%
Interest already paid$28,346Through Dec 2026
Assumption only · ends Dec 2051$74,516
Assumption + second · ends Dec 2051, second Jan 2057$131,415
New conventional · ends Jan 2057$311,933