Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,162/mo
Lowest payment- Down payment
- $183,299
- Funds due
- $193,606
- Interest + MI left
- $63,430
- First ends
- Feb 2051
Assumption
Assumption + second
$2,248/mo
+$1,086/mo- Down payment
- $35,299
- Funds due
- $47,148
- Interest + MI left
- $306,380
- First ends
- Feb 2051
New loan
New conventional
$2,552/mo
+$1,390/mo- Down payment
- $35,299
- Funds due
- $44,078
- Interest + MI left
- $455,550
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,601 | $163,601 | $311,601 |
| Second mortgage | — | $148,000 | — |
| First P&I | $782.87 | $782.87 | $2,110.89 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | — | — | $62.32 |
| Taxes, insurance & HOA | $378.75 | $378.75 | $378.75 |
| Total housing payment | $1,161.62 | $2,247.59 | $2,551.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,299
Closing costs & prepaids$11,849
Usable credit−$0
Total buyer cash needed$47,148
Earnest money paid−$0
Remaining funds due$47,148
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,469.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$818.01
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)$416.25
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$115.78
Prepaid interest, second (9 days)$291.95
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 2.87%
Interest already paid$29,589Through Dec 2026
Assumption only · ends Feb 2051$63,430
Assumption + second · ends Feb 2051, second Jan 2057$306,380
New conventional · ends Jan 2057$455,550