Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,374/mo
Lowest payment- Down payment
- $196,489
- Funds due
- $207,627
- Interest + MI left
- $76,799
- First ends
- Jan 2051
Assumption
Assumption + second
$2,519/mo
+$1,145/mo- Down payment
- $40,489
- Funds due
- $53,185
- Interest + MI left
- $332,882
- First ends
- Jan 2051
New loan
New conventional
$2,911/mo
+$1,537/mo- Down payment
- $40,489
- Funds due
- $49,908
- Interest + MI left
- $525,663
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,510 | $203,510 | $359,510 |
| Second mortgage | — | $156,000 | — |
| First P&I | $969.93 | $969.93 | $2,435.45 |
| Second P&I | — | $1,144.67 | — |
| Mortgage insurance | — | — | $71.90 |
| Taxes, insurance & HOA | $404.00 | $404.00 | $404.00 |
| Total housing payment | $1,373.93 | $2,518.60 | $2,911.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,489
Closing costs & prepaids$12,696
Usable credit−$0
Total buyer cash needed$53,185
Earnest money paid−$0
Remaining funds due$53,185
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,017.55
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)$480.00
Initial HOA (3 months)$282.00
Prepaid interest, first (9 days)$141.01
Prepaid interest, second (9 days)$307.73
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 1 moOf the original 30-year loan at 2.81%
Interest already paid$36,627Through Dec 2026
Assumption only · ends Jan 2051$76,799
Assumption + second · ends Jan 2051, second Jan 2057$332,882
New conventional · ends Jan 2057$525,663