Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,435/mo
Lowest payment- Down payment
- $102,250
- Funds due
- $112,505
- Interest + MI left
- $66,692
- First ends
- Jan 2051
Assumption
Assumption + second
$2,030/mo
+$595/mo- Down payment
- $28,250
- Funds due
- $39,791
- Interest + MI left
- $207,044
- First ends
- Jan 2051
New loan
New conventional
$2,382/mo
+$947/mo- Down payment
- $28,250
- Funds due
- $36,621
- Interest + MI left
- $380,229
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,750 | $176,750 | $250,750 |
| Second mortgage | — | $74,000 | — |
| First P&I | $839.46 | $839.46 | $1,736.14 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | — | — | $50.15 |
| Taxes, insurance & HOA | $595.50 | $595.50 | $595.50 |
| Total housing payment | $1,434.96 | $2,030.38 | $2,381.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,250
Closing costs & prepaids$11,542
Usable credit−$0
Total buyer cash needed$39,791
Earnest money paid−$0
Remaining funds due$39,791
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$883.75
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)$256.50
Initial HOA (3 months)$1,080.00
Prepaid interest, first (2 days)$27.12
Prepaid interest, second (2 days)$36.49
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 2.800%
Interest already paid$31,212Through Nov 2026
Assumption only · ends Jan 2051$66,692
Assumption + second · ends Jan 2051, second Dec 2056$207,044
New conventional · ends Dec 2056$380,229