Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,464/mo
Lowest payment- Down payment
- $140,202
- Funds due
- $150,976
- Interest + MI left
- $53,612
- First ends
- Apr 2051
Assumption
Assumption + second
$2,279/mo
+$814/mo- Down payment
- $29,202
- Funds due
- $41,347
- Interest + MI left
- $235,825
- First ends
- Apr 2051
New loan
New conventional
$2,586/mo
+$1,122/mo- Down payment
- $29,202
- Funds due
- $38,344
- Interest + MI left
- $381,330
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $149,798 | $149,798 | $260,798 |
| Second mortgage | — | $111,000 | — |
| First P&I | $696.61 | $696.61 | $1,766.74 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | — | — | $52.16 |
| Taxes, insurance & HOA | $767.50 | $767.50 | $767.50 |
| Total housing payment | $1,464.11 | $2,278.59 | $2,586.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,202
Closing costs & prepaids$12,146
Usable credit−$0
Total buyer cash needed$41,347
Earnest money paid−$0
Remaining funds due$41,347
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$748.99
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)$739.50
Initial HOA (3 months)$1,113.00
Prepaid interest, first (5 days)$54.38
Prepaid interest, second (5 days)$121.64
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 4 moOf the original 30-year loan at 2.65%
Interest already paid$24,296Through Dec 2026
Assumption only · ends Apr 2051$53,612
Assumption + second · ends Apr 2051, second Jan 2057$235,825
New conventional · ends Jan 2057$381,330