Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$857/mo
Lowest payment- Down payment
- $215,952
- Funds due
- $225,580
- Interest + MI left
- $46,738
- First ends
- Jun 2051
Assumption
Assumption + second
$2,200/mo
+$1,343/mo- Down payment
- $32,952
- Funds due
- $44,191
- Interest + MI left
- $347,142
- First ends
- Jun 2051
New loan
New conventional
$2,364/mo
+$1,507/mo- Down payment
- $32,952
- Funds due
- $41,347
- Interest + MI left
- $427,022
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $109,048 | $109,048 | $292,048 |
| Second mortgage | — | $183,000 | — |
| First P&I | $529.88 | $529.88 | $1,978.43 |
| Second P&I | — | $1,342.79 | — |
| Mortgage insurance | — | — | $58.41 |
| Taxes, insurance & HOA | $327.33 | $327.33 | $327.33 |
| Total housing payment | $857.21 | $2,200.00 | $2,364.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,952
Closing costs & prepaids$11,240
Usable credit−$0
Total buyer cash needed$44,191
Earnest money paid−$0
Remaining funds due$44,191
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$545.24
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)$390.00
Initial HOA (3 months)$141.99
Prepaid interest, first (9 days)$83.35
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 6 moOf the original 30-year loan at 3.1%
Interest already paid$19,931Through Dec 2026
Assumption only · ends Jun 2051$46,738
Assumption + second · ends Jun 2051, second Jan 2057$347,142
New conventional · ends Jan 2057$427,022