Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,269/mo
Lowest payment- Down payment
- $208,511
- Funds due
- $219,442
- Interest + MI left
- $67,991
- First ends
- Jan 2051
Assumption
Assumption + second
$2,509/mo
+$1,240/mo- Down payment
- $39,511
- Funds due
- $52,025
- Interest + MI left
- $345,414
- First ends
- Jan 2051
New loan
New conventional
$2,861/mo
+$1,592/mo- Down payment
- $39,511
- Funds due
- $48,832
- Interest + MI left
- $516,859
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,489 | $184,489 | $353,489 |
| Second mortgage | — | $169,000 | — |
| First P&I | $873.64 | $873.64 | $2,394.66 |
| Second P&I | — | $1,240.06 | — |
| Mortgage insurance | — | — | $70.70 |
| Taxes, insurance & HOA | $395.17 | $395.17 | $395.17 |
| Total housing payment | $1,268.80 | $2,508.86 | $2,860.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,511
Closing costs & prepaids$12,514
Usable credit−$0
Total buyer cash needed$52,025
Earnest money paid−$0
Remaining funds due$52,025
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,930.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$922.45
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)$471.50
Initial HOA (3 months)$264.00
Prepaid interest, first (9 days)$125.10
Prepaid interest, second (9 days)$333.37
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 1 moOf the original 30-year loan at 2.75%
Interest already paid$32,518Through Dec 2026
Assumption only · ends Jan 2051$67,991
Assumption + second · ends Jan 2051, second Jan 2057$345,414
New conventional · ends Jan 2057$516,859