Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,565/mo
Lowest payment- Down payment
- $99,686
- Funds due
- $110,431
- Interest + MI left
- $71,898
- First ends
- Feb 2051
Assumption
Assumption + second
$2,128/mo
+$563/mo- Down payment
- $29,686
- Funds due
- $41,836
- Interest + MI left
- $204,663
- First ends
- Feb 2051
New loan
New conventional
$2,485/mo
+$920/mo- Down payment
- $29,686
- Funds due
- $38,710
- Interest + MI left
- $384,225
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $192,814 | $192,814 | $262,814 |
| Second mortgage | — | $70,000 | — |
| First P&I | $912.80 | $912.80 | $1,780.39 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | — | — | $52.56 |
| Taxes, insurance & HOA | $652.00 | $652.00 | $652.00 |
| Total housing payment | $1,564.80 | $2,128.04 | $2,484.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,686
Closing costs & prepaids$12,150
Usable credit−$0
Total buyer cash needed$41,836
Earnest money paid−$0
Remaining funds due$41,836
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,925.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$964.07
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)$351.00
Initial HOA (3 months)$1,155.00
Prepaid interest, first (9 days)$131.69
Prepaid interest, second (9 days)$155.34
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 2 moOf the original 30-year loan at 2.77%
Interest already paid$33,696Through Dec 2026
Assumption only · ends Feb 2051$71,898
Assumption + second · ends Feb 2051, second Jan 2057$204,663
New conventional · ends Jan 2057$384,225