Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,038/mo
Lowest payment- Down payment
- $149,828
- Funds due
- $159,424
- Interest + MI left
- $62,284
- First ends
- Sep 2051
Assumption
Assumption + second
$1,911/mo
+$873/mo- Down payment
- $30,828
- Funds due
- $41,909
- Interest + MI left
- $257,629
- First ends
- Sep 2051
New loan
New conventional
$2,200/mo
+$1,162/mo- Down payment
- $30,828
- Funds due
- $38,939
- Interest + MI left
- $393,447
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $150,122 | $150,122 | $269,122 |
| Second mortgage | — | $119,000 | — |
| First P&I | $715.17 | $715.17 | $1,823.13 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | — | — | $53.82 |
| Taxes, insurance & HOA | $322.67 | $322.67 | $322.67 |
| Total housing payment | $1,037.84 | $1,911.02 | $2,199.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,828
Closing costs & prepaids$11,081
Usable credit−$0
Total buyer cash needed$41,909
Earnest money paid−$0
Remaining funds due$41,909
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$750.61
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)$360.00
Initial HOA (3 months)$158.01
Prepaid interest, first (9 days)$110.31
Prepaid interest, second (9 days)$234.74
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 9 moOf the original 30-year loan at 2.98%
Interest already paid$25,112Through Dec 2026
Assumption only · ends Sep 2051$62,284
Assumption + second · ends Sep 2051, second Jan 2057$257,629
New conventional · ends Jan 2057$393,447