Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,267/mo
Lowest payment- Down payment
- $101,492
- Funds due
- $111,390
- Interest + MI left
- $73,323
- First ends
- Apr 2051
Assumption
Assumption + second
$1,838/mo
+$571/mo- Down payment
- $30,492
- Funds due
- $41,797
- Interest + MI left
- $207,984
- First ends
- Apr 2051
New loan
New conventional
$2,212/mo
+$945/mo- Down payment
- $30,492
- Funds due
- $38,646
- Interest + MI left
- $392,549
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,508 | $197,508 | $268,508 |
| Second mortgage | — | $71,000 | — |
| First P&I | $927.50 | $927.50 | $1,818.97 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | — | — | $53.70 |
| Taxes, insurance & HOA | $339.58 | $339.58 | $339.58 |
| Total housing payment | $1,267.09 | $1,838.37 | $2,212.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,492
Closing costs & prepaids$11,305
Usable credit−$0
Total buyer cash needed$41,797
Earnest money paid−$0
Remaining funds due$41,797
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$987.54
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)$358.75
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$133.44
Prepaid interest, second (9 days)$157.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.74%
Interest already paid$33,088Through Dec 2026
Assumption only · ends Apr 2051$73,323
Assumption + second · ends Apr 2051, second Jan 2057$207,984
New conventional · ends Jan 2057$392,549