Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,281/mo
Lowest payment- Down payment
- $280,071
- Funds due
- $291,717
- Interest + MI left
- $58,669
- First ends
- Apr 2051
Assumption
Assumption + second
$2,971/mo
+$1,691/mo- Down payment
- $44,071
- Funds due
- $57,418
- Interest + MI left
- $431,333
- First ends
- Apr 2051
New loan
New conventional
$3,275/mo
+$1,995/mo- Down payment
- $44,071
- Funds due
- $54,294
- Interest + MI left
- $571,603
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $154,929 | $154,929 | $390,929 |
| Second mortgage | — | $236,000 | — |
| First P&I | $731.50 | $731.50 | $2,648.29 |
| Second P&I | — | $1,690.73 | — |
| Mortgage insurance | — | — | $78.19 |
| Taxes, insurance & HOA | $549.00 | $549.00 | $549.00 |
| Total housing payment | $1,280.50 | $2,971.23 | $3,275.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,071
Closing costs & prepaids$13,347
Usable credit−$0
Total buyer cash needed$57,418
Earnest money paid−$0
Remaining funds due$57,418
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$774.64
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)$522.00
Initial HOA (3 months)$675.00
Prepaid interest, first (9 days)$106.58
Prepaid interest, second (9 days)$450.99
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 2.79%
Interest already paid$26,414Through Dec 2026
Assumption only · ends Apr 2051$58,669
Assumption + second · ends Apr 2051, second Jan 2057$431,333
New conventional · ends Jan 2057$571,603