Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$773/mo
Lowest payment- Down payment
- $212,597
- Funds due
- $221,913
- Interest + MI left
- $42,072
- First ends
- Feb 2051
Assumption
Assumption + second
$2,094/mo
+$1,321/mo- Down payment
- $32,597
- Funds due
- $43,202
- Interest + MI left
- $337,551
- First ends
- Feb 2051
New loan
New conventional
$2,326/mo
+$1,552/mo- Down payment
- $32,597
- Funds due
- $40,283
- Interest + MI left
- $443,449
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,403 | $112,403 | $292,403 |
| Second mortgage | — | $180,000 | — |
| First P&I | $530.84 | $530.84 | $2,024.54 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | — | — | $58.48 |
| Taxes, insurance & HOA | $242.50 | $242.50 | $242.50 |
| Total housing payment | $773.34 | $2,094.12 | $2,325.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,597
Closing costs & prepaids$10,605
Usable credit−$0
Total buyer cash needed$43,202
Earnest money paid−$0
Remaining funds due$43,202
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$562.02
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)$271.25
Initial HOA (3 months)$6.24
Prepaid interest, first (1 days)$8.53
Prepaid interest, second (1 days)$39.45
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$19,337Through Nov 2026
Assumption only · ends Feb 2051$42,072
Assumption + second · ends Feb 2051, second Dec 2056$337,551
New conventional · ends Dec 2056$443,449