Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,245/mo
Lowest payment- Down payment
- $229,138
- Funds due
- $240,041
- Interest + MI left
- $74,555
- First ends
- Jan 2051
Assumption
Assumption + second
$2,617/mo
+$1,372/mo- Down payment
- $42,138
- Funds due
- $54,332
- Interest + MI left
- $381,525
- First ends
- Jan 2051
New loan
New conventional
$3,003/mo
+$1,758/mo- Down payment
- $42,138
- Funds due
- $50,957
- Interest + MI left
- $565,396
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,862 | $185,862 | $372,862 |
| Second mortgage | — | $187,000 | — |
| First P&I | $897.99 | $897.99 | $2,581.62 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | — | — | $74.57 |
| Taxes, insurance & HOA | $346.66 | $346.66 | $346.66 |
| Total housing payment | $1,244.65 | $2,616.79 | $3,002.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,138
Closing costs & prepaids$12,193
Usable credit−$0
Total buyer cash needed$54,332
Earnest money paid−$0
Remaining funds due$54,332
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$929.31
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)$352.00
Initial HOA (3 months)$237.99
Prepaid interest, first (1 days)$15.07
Prepaid interest, second (1 days)$40.99
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 2 moOf the original 30-year loan at 2.960%
Interest already paid$34,634Through Nov 2026
Assumption only · ends Jan 2051$74,555
Assumption + second · ends Jan 2051, second Dec 2056$381,525
New conventional · ends Dec 2056$565,396