Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,272/mo
Lowest payment- Down payment
- $222,717
- Funds due
- $233,794
- Interest + MI left
- $64,181
- First ends
- Jul 2051
Assumption
Assumption + second
$2,615/mo
+$1,343/mo- Down payment
- $39,717
- Funds due
- $52,405
- Interest + MI left
- $364,585
- First ends
- Jul 2051
New loan
New conventional
$2,927/mo
+$1,655/mo- Down payment
- $39,717
- Funds due
- $49,275
- Interest + MI left
- $510,640
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,283 | $166,283 | $349,283 |
| Second mortgage | — | $183,000 | — |
| First P&I | $781.23 | $781.23 | $2,366.16 |
| Second P&I | — | $1,342.79 | — |
| Mortgage insurance | — | — | $69.86 |
| Taxes, insurance & HOA | $490.58 | $490.58 | $490.58 |
| Total housing payment | $1,271.82 | $2,614.61 | $2,926.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,717
Closing costs & prepaids$12,687
Usable credit−$0
Total buyer cash needed$52,405
Earnest money paid−$0
Remaining funds due$52,405
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$831.41
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)$466.75
Initial HOA (3 months)$555.00
Prepaid interest, first (9 days)$115.21
Prepaid interest, second (9 days)$360.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7 moOf the original 30-year loan at 2.81%
Interest already paid$27,179Through Dec 2026
Assumption only · ends Jul 2051$64,181
Assumption + second · ends Jul 2051, second Jan 2057$364,585
New conventional · ends Jan 2057$510,640