Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,263/mo
Lowest payment- Down payment
- $212,251
- Funds due
- $223,255
- Interest + MI left
- $55,937
- First ends
- Feb 2051
Assumption
Assumption + second
$2,525/mo
+$1,262/mo- Down payment
- $40,251
- Funds due
- $52,581
- Interest + MI left
- $338,284
- First ends
- Feb 2051
New loan
New conventional
$2,987/mo
+$1,724/mo- Down payment
- $40,251
- Funds due
- $49,245
- Interest + MI left
- $545,129
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,449 | $187,449 | $359,449 |
| Second mortgage | — | $172,000 | — |
| First P&I | $836.38 | $836.38 | $2,488.75 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | — | — | $71.89 |
| Taxes, insurance & HOA | $426.17 | $426.17 | $426.17 |
| Total housing payment | $1,262.54 | $2,524.62 | $2,986.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,251
Closing costs & prepaids$12,329
Usable credit−$0
Total buyer cash needed$52,581
Earnest money paid−$0
Remaining funds due$52,581
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,997.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$937.24
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)$594.50
Initial HOA (3 months)$234.00
Prepaid interest, first (2 days)$23.11
Prepaid interest, second (2 days)$75.40
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 3 moOf the original 30-year loan at 2.250%
Interest already paid$26,353Through Nov 2026
Assumption only · ends Feb 2051$55,937
Assumption + second · ends Feb 2051, second Dec 2056$338,284
New conventional · ends Dec 2056$545,129