Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,184/mo
Lowest payment- Down payment
- $165,345
- Funds due
- $175,620
- Interest + MI left
- $64,829
- First ends
- Apr 2051
Assumption
Assumption + second
$2,138/mo
+$954/mo- Down payment
- $35,345
- Funds due
- $47,126
- Interest + MI left
- $278,231
- First ends
- Apr 2051
New loan
New conventional
$2,506/mo
+$1,322/mo- Down payment
- $35,345
- Funds due
- $44,005
- Interest + MI left
- $452,705
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,655 | $179,655 | $309,655 |
| Second mortgage | — | $130,000 | — |
| First P&I | $837.27 | $837.27 | $2,097.71 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | — | — | $61.93 |
| Taxes, insurance & HOA | $346.67 | $346.67 | $346.67 |
| Total housing payment | $1,183.94 | $2,137.84 | $2,506.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,345
Closing costs & prepaids$11,781
Usable credit−$0
Total buyer cash needed$47,126
Earnest money paid−$0
Remaining funds due$47,126
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$898.27
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)$414.00
Initial HOA (3 months)$176.01
Prepaid interest, first (9 days)$118.28
Prepaid interest, second (9 days)$256.44
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 2.67%
Interest already paid$29,352Through Dec 2026
Assumption only · ends Apr 2051$64,829
Assumption + second · ends Apr 2051, second Jan 2057$278,231
New conventional · ends Jan 2057$452,705