Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,250/mo
Lowest payment- Down payment
- $144,947
- Funds due
- $155,141
- Interest + MI left
- $70,386
- First ends
- Mar 2051
Assumption
Assumption + second
$2,057/mo
+$807/mo- Down payment
- $34,947
- Funds due
- $46,439
- Interest + MI left
- $250,957
- First ends
- Mar 2051
New loan
New conventional
$2,514/mo
+$1,264/mo- Down payment
- $34,947
- Funds due
- $43,118
- Interest + MI left
- $462,511
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,053 | $195,053 | $305,053 |
| Second mortgage | — | $110,000 | — |
| First P&I | $909.04 | $909.04 | $2,112.13 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | — | — | $61.01 |
| Taxes, insurance & HOA | $340.58 | $340.58 | $340.58 |
| Total housing payment | $1,249.62 | $2,056.76 | $2,513.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,947
Closing costs & prepaids$11,492
Usable credit−$0
Total buyer cash needed$46,439
Earnest money paid−$0
Remaining funds due$46,439
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$975.26
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)$202.75
Initial HOA (3 months)$369.00
Prepaid interest, first (2 days)$28.54
Prepaid interest, second (2 days)$48.22
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 4 moOf the original 30-year loan at 2.670%
Interest already paid$31,867Through Nov 2026
Assumption only · ends Mar 2051$70,386
Assumption + second · ends Mar 2051, second Dec 2056$250,957
New conventional · ends Dec 2056$462,511