Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,267/mo
Lowest payment- Down payment
- $94,955
- Funds due
- $104,675
- Interest + MI left
- $74,862
- First ends
- Feb 2051
Assumption
Assumption + second
$1,790/mo
+$523/mo- Down payment
- $29,955
- Funds due
- $40,941
- Interest + MI left
- $198,143
- First ends
- Feb 2051
New loan
New conventional
$2,225/mo
+$958/mo- Down payment
- $29,955
- Funds due
- $37,601
- Interest + MI left
- $408,025
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,045 | $204,045 | $269,045 |
| Second mortgage | — | $65,000 | — |
| First P&I | $958.44 | $958.44 | $1,862.81 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | — | — | $53.81 |
| Taxes, insurance & HOA | $308.83 | $308.83 | $308.83 |
| Total housing payment | $1,267.28 | $1,790.28 | $2,225.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,955
Closing costs & prepaids$10,986
Usable credit−$0
Total buyer cash needed$40,941
Earnest money paid−$0
Remaining funds due$40,941
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,020.22
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)$368.50
Initial HOA (3 months)$108.00
Prepaid interest, first (1 days)$15.21
Prepaid interest, second (1 days)$16.03
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 2.720%
Interest already paid$34,488Through Nov 2026
Assumption only · ends Feb 2051$74,862
Assumption + second · ends Feb 2051, second Dec 2056$198,143
New conventional · ends Dec 2056$408,025