Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,222/mo
Lowest payment- Down payment
- $94,487
- Funds due
- $104,179
- Interest + MI left
- $68,491
- First ends
- Mar 2051
Assumption
Assumption + second
$1,745/mo
+$523/mo- Down payment
- $29,487
- Funds due
- $40,573
- Interest + MI left
- $191,772
- First ends
- Mar 2051
New loan
New conventional
$2,114/mo
+$892/mo- Down payment
- $29,487
- Funds due
- $37,465
- Interest + MI left
- $373,500
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,513 | $190,513 | $255,513 |
| Second mortgage | — | $65,000 | — |
| First P&I | $890.05 | $890.05 | $1,730.93 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | — | — | $51.10 |
| Taxes, insurance & HOA | $332.00 | $332.00 | $332.00 |
| Total housing payment | $1,222.05 | $1,745.05 | $2,114.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,487
Closing costs & prepaids$11,086
Usable credit−$0
Total buyer cash needed$40,573
Earnest money paid−$0
Remaining funds due$40,573
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$952.57
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)$342.00
Initial HOA (3 months)$204.00
Prepaid interest, first (9 days)$125.43
Prepaid interest, second (9 days)$144.25
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$31,627Through Dec 2026
Assumption only · ends Mar 2051$68,491
Assumption + second · ends Mar 2051, second Jan 2057$191,772
New conventional · ends Jan 2057$373,500