Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,511/mo
Lowest payment- Down payment
- $56,415
- Funds due
- $66,593
- Interest + MI left
- $70,967
- First ends
- Apr 2051
Assumption
Assumption + second
$1,760/mo
+$249/mo- Down payment
- $25,415
- Funds due
- $36,912
- Interest + MI left
- $129,763
- First ends
- Apr 2051
New loan
New conventional
$2,171/mo
+$660/mo- Down payment
- $25,415
- Funds due
- $33,847
- Interest + MI left
- $328,189
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,485 | $193,485 | $224,485 |
| Second mortgage | — | $31,000 | — |
| First P&I | $905.66 | $905.66 | $1,520.74 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $44.90 |
| Taxes, insurance & HOA | $605.00 | $605.00 | $605.00 |
| Total housing payment | $1,510.66 | $1,760.09 | $2,170.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,415
Closing costs & prepaids$11,498
Usable credit−$0
Total buyer cash needed$36,912
Earnest money paid−$0
Remaining funds due$36,912
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$967.43
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)$300.00
Initial HOA (3 months)$1,065.00
Prepaid interest, first (9 days)$129.29
Prepaid interest, second (9 days)$68.79
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 2.71%
Interest already paid$32,070Through Dec 2026
Assumption only · ends Apr 2051$70,967
Assumption + second · ends Apr 2051, second Jan 2057$129,763
New conventional · ends Jan 2057$328,189