Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,169/mo
Lowest payment- Down payment
- $208,461
- Funds due
- $219,016
- Interest + MI left
- $76,397
- First ends
- Oct 2051
Assumption
Assumption + second
$2,402/mo
+$1,233/mo- Down payment
- $40,461
- Funds due
- $52,303
- Interest + MI left
- $352,178
- First ends
- Oct 2051
New loan
New conventional
$2,830/mo
+$1,661/mo- Down payment
- $40,461
- Funds due
- $48,923
- Interest + MI left
- $543,675
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,538 | $190,538 | $358,538 |
| Second mortgage | — | $168,000 | — |
| First P&I | $892.76 | $892.76 | $2,482.44 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | — | — | $71.71 |
| Taxes, insurance & HOA | $276.33 | $276.33 | $276.33 |
| Total housing payment | $1,169.09 | $2,401.81 | $2,830.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,461
Closing costs & prepaids$11,841
Usable credit−$0
Total buyer cash needed$52,303
Earnest money paid−$0
Remaining funds due$52,303
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,989.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$952.69
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)$222.00
Initial HOA (3 months)$156.99
Prepaid interest, first (1 days)$14.98
Prepaid interest, second (1 days)$36.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2.870%
Interest already paid$29,679Through Nov 2026
Assumption only · ends Oct 2051$76,397
Assumption + second · ends Oct 2051, second Dec 2056$352,178
New conventional · ends Dec 2056$543,675