Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,339/mo
Lowest payment- Down payment
- $213,619
- Funds due
- $224,831
- Interest + MI left
- $64,082
- First ends
- Jul 2051
Assumption
Assumption + second
$2,623/mo
+$1,284/mo- Down payment
- $38,619
- Funds due
- $51,426
- Interest + MI left
- $351,353
- First ends
- Jul 2051
New loan
New conventional
$2,956/mo
+$1,618/mo- Down payment
- $38,619
- Funds due
- $48,293
- Interest + MI left
- $506,466
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $171,381 | $171,381 | $346,381 |
| Second mortgage | — | $175,000 | — |
| First P&I | $798.18 | $798.18 | $2,346.51 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | — | — | $69.28 |
| Taxes, insurance & HOA | $540.67 | $540.67 | $540.67 |
| Total housing payment | $1,338.85 | $2,622.94 | $2,956.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,619
Closing costs & prepaids$12,807
Usable credit−$0
Total buyer cash needed$51,426
Earnest money paid−$0
Remaining funds due$51,426
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%)$856.91
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)$710.01
Prepaid interest, first (9 days)$115.37
Prepaid interest, second (9 days)$345.21
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 7 moOf the original 30-year loan at 2.73%
Interest already paid$27,238Through Dec 2026
Assumption only · ends Jul 2051$64,082
Assumption + second · ends Jul 2051, second Jan 2057$351,353
New conventional · ends Jan 2057$506,466