Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,293/mo
Lowest payment- Down payment
- $229,578
- Funds due
- $240,744
- Interest + MI left
- $74,096
- First ends
- Jan 2051
Assumption
Assumption + second
$2,673/mo
+$1,379/mo- Down payment
- $41,578
- Funds due
- $54,365
- Interest + MI left
- $382,708
- First ends
- Jan 2051
New loan
New conventional
$3,000/mo
+$1,706/mo- Down payment
- $41,578
- Funds due
- $51,134
- Interest + MI left
- $546,005
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,422 | $185,422 | $373,422 |
| Second mortgage | — | $188,000 | — |
| First P&I | $897.99 | $897.99 | $2,529.69 |
| Second P&I | — | $1,379.48 | — |
| Mortgage insurance | — | — | $74.68 |
| Taxes, insurance & HOA | $395.33 | $395.33 | $395.33 |
| Total housing payment | $1,293.32 | $2,672.79 | $2,999.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,578
Closing costs & prepaids$12,787
Usable credit−$0
Total buyer cash needed$54,365
Earnest money paid−$0
Remaining funds due$54,365
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$927.11
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)$498.00
Initial HOA (3 months)$237.99
Prepaid interest, first (9 days)$135.33
Prepaid interest, second (9 days)$370.85
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 1 moOf the original 30-year loan at 2.96%
Interest already paid$35,092Through Dec 2026
Assumption only · ends Jan 2051$74,096
Assumption + second · ends Jan 2051, second Jan 2057$382,708
New conventional · ends Jan 2057$546,005