Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,349/mo
Lowest payment- Down payment
- $142,593
- Funds due
- $153,203
- Interest + MI left
- $82,879
- First ends
- Nov 2051
Assumption
Assumption + second
$2,134/mo
+$785/mo- Down payment
- $35,593
- Funds due
- $47,664
- Interest + MI left
- $258,525
- First ends
- Nov 2051
New loan
New conventional
$2,589/mo
+$1,240/mo- Down payment
- $35,593
- Funds due
- $44,411
- Interest + MI left
- $467,026
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,407 | $212,407 | $319,407 |
| Second mortgage | — | $107,000 | — |
| First P&I | $987.58 | $987.58 | $2,163.77 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | — | — | $63.88 |
| Taxes, insurance & HOA | $361.00 | $361.00 | $361.00 |
| Total housing payment | $1,348.58 | $2,133.70 | $2,588.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,593
Closing costs & prepaids$12,071
Usable credit−$0
Total buyer cash needed$47,664
Earnest money paid−$0
Remaining funds due$47,664
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,062.03
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)$426.00
Initial HOA (3 months)$207.00
Prepaid interest, first (9 days)$146.65
Prepaid interest, second (9 days)$211.07
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 11 moOf the original 30-year loan at 2.8%
Interest already paid$32,301Through Dec 2026
Assumption only · ends Nov 2051$82,879
Assumption + second · ends Nov 2051, second Jan 2057$258,525
New conventional · ends Jan 2057$467,026