Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,030/mo
Lowest payment- Down payment
- $243,536
- Funds due
- $254,062
- Interest + MI left
- $50,857
- First ends
- Mar 2051
Assumption
Assumption + second
$2,499/mo
+$1,469/mo- Down payment
- $38,536
- Funds due
- $50,704
- Interest + MI left
- $374,569
- First ends
- Mar 2051
New loan
New conventional
$2,786/mo
+$1,755/mo- Down payment
- $38,536
- Funds due
- $47,697
- Interest + MI left
- $506,588
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,464 | $141,464 | $346,464 |
| Second mortgage | — | $205,000 | — |
| First P&I | $660.90 | $660.90 | $2,347.07 |
| Second P&I | — | $1,468.65 | — |
| Mortgage insurance | — | — | $69.29 |
| Taxes, insurance & HOA | $369.33 | $369.33 | $369.33 |
| Total housing payment | $1,030.23 | $2,498.87 | $2,785.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,536
Closing costs & prepaids$12,168
Usable credit−$0
Total buyer cash needed$50,704
Earnest money paid−$0
Remaining funds due$50,704
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$707.32
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)$462.00
Initial HOA (3 months)$195.99
Prepaid interest, first (9 days)$93.13
Prepaid interest, second (9 days)$391.75
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 3 moOf the original 30-year loan at 2.67%
Interest already paid$23,484Through Dec 2026
Assumption only · ends Mar 2051$50,857
Assumption + second · ends Mar 2051, second Jan 2057$374,569
New conventional · ends Jan 2057$506,588