Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,240/mo
Lowest payment- Down payment
- $208,061
- Funds due
- $218,812
- Interest + MI left
- $68,415
- First ends
- Jan 2051
Assumption
Assumption + second
$2,473/mo
+$1,233/mo- Down payment
- $40,061
- Funds due
- $52,135
- Interest + MI left
- $344,196
- First ends
- Jan 2051
New loan
New conventional
$2,881/mo
+$1,641/mo- Down payment
- $40,061
- Funds due
- $48,809
- Interest + MI left
- $535,185
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,939 | $184,939 | $352,939 |
| Second mortgage | — | $168,000 | — |
| First P&I | $873.64 | $873.64 | $2,443.68 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | — | — | $70.59 |
| Taxes, insurance & HOA | $366.83 | $366.83 | $366.83 |
| Total housing payment | $1,240.47 | $2,473.19 | $2,881.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,061
Closing costs & prepaids$12,075
Usable credit−$0
Total buyer cash needed$52,135
Earnest money paid−$0
Remaining funds due$52,135
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,930.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$924.70
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)$386.50
Initial HOA (3 months)$264.00
Prepaid interest, first (2 days)$27.87
Prepaid interest, second (2 days)$73.64
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2 moOf the original 30-year loan at 2.750%
Interest already paid$32,094Through Nov 2026
Assumption only · ends Jan 2051$68,415
Assumption + second · ends Jan 2051, second Dec 2056$344,196
New conventional · ends Dec 2056$535,185