Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,254/mo
Lowest payment- Down payment
- $200,575
- Funds due
- $211,260
- Interest + MI left
- $71,891
- First ends
- Jan 2051
Assumption
Assumption + second
$2,435/mo
+$1,181/mo- Down payment
- $39,575
- Funds due
- $51,580
- Interest + MI left
- $336,181
- First ends
- Jan 2051
New loan
New conventional
$2,835/mo
+$1,581/mo- Down payment
- $39,575
- Funds due
- $48,255
- Interest + MI left
- $525,308
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,425 | $185,425 | $346,425 |
| Second mortgage | — | $161,000 | — |
| First P&I | $887.30 | $887.30 | $2,398.58 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | — | — | $69.29 |
| Taxes, insurance & HOA | $366.83 | $366.83 | $366.83 |
| Total housing payment | $1,254.13 | $2,435.49 | $2,834.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,575
Closing costs & prepaids$12,005
Usable credit−$0
Total buyer cash needed$51,580
Earnest money paid−$0
Remaining funds due$51,580
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,860.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$927.13
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)$29.16
Prepaid interest, second (2 days)$70.58
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 2.870%
Interest already paid$33,536Through Nov 2026
Assumption only · ends Jan 2051$71,891
Assumption + second · ends Jan 2051, second Dec 2056$336,181
New conventional · ends Dec 2056$525,308