Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,742/mo
Lowest payment- Down payment
- $81,256
- Funds due
- $92,281
- Interest + MI left
- $80,844
- First ends
- Mar 2051
Assumption
Assumption + second
$2,152/mo
+$410/mo- Down payment
- $30,256
- Funds due
- $42,543
- Interest + MI left
- $177,573
- First ends
- Mar 2051
New loan
New conventional
$2,637/mo
+$895/mo- Down payment
- $30,256
- Funds due
- $39,130
- Interest + MI left
- $408,933
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,644 | $218,644 | $269,644 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,025.64 | $1,025.64 | $1,866.96 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | — | — | $53.93 |
| Taxes, insurance & HOA | $716.00 | $716.00 | $716.00 |
| Total housing payment | $1,741.64 | $2,152.00 | $2,636.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,256
Closing costs & prepaids$12,287
Usable credit−$0
Total buyer cash needed$42,543
Earnest money paid−$0
Remaining funds due$42,543
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,093.22
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)$498.00
Initial HOA (3 months)$1,200.00
Prepaid interest, first (1 days)$16.35
Prepaid interest, second (1 days)$12.58
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 4 moOf the original 30-year loan at 2.730%
Interest already paid$36,500Through Nov 2026
Assumption only · ends Mar 2051$80,844
Assumption + second · ends Mar 2051, second Dec 2056$177,573
New conventional · ends Dec 2056$408,933