Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,536/mo
Lowest payment- Down payment
- $99,219
- Funds due
- $109,762
- Interest + MI left
- $72,344
- First ends
- Feb 2051
Assumption
Assumption + second
$2,091/mo
+$555/mo- Down payment
- $30,219
- Funds due
- $42,029
- Interest + MI left
- $203,212
- First ends
- Feb 2051
New loan
New conventional
$2,491/mo
+$956/mo- Down payment
- $30,219
- Funds due
- $38,738
- Interest + MI left
- $397,662
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,281 | $193,281 | $262,281 |
| Second mortgage | — | $69,000 | — |
| First P&I | $912.80 | $912.80 | $1,815.98 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | — | — | $52.46 |
| Taxes, insurance & HOA | $622.83 | $622.83 | $622.83 |
| Total housing payment | $1,535.63 | $2,090.82 | $2,491.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,219
Closing costs & prepaids$11,810
Usable credit−$0
Total buyer cash needed$42,029
Earnest money paid−$0
Remaining funds due$42,029
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,925.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$966.40
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)$263.50
Initial HOA (3 months)$1,155.00
Prepaid interest, first (1 days)$14.67
Prepaid interest, second (1 days)$17.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2.770%
Interest already paid$33,250Through Nov 2026
Assumption only · ends Feb 2051$72,344
Assumption + second · ends Feb 2051, second Dec 2056$203,212
New conventional · ends Dec 2056$397,662