Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$813/mo
Lowest payment- Down payment
- $175,917
- Funds due
- $184,989
- Interest + MI left
- $38,785
- First ends
- Apr 2051
Assumption
Assumption + second
$1,892/mo
+$1,079/mo- Down payment
- $28,917
- Funds due
- $39,271
- Interest + MI left
- $280,093
- First ends
- Apr 2051
New loan
New conventional
$2,114/mo
+$1,301/mo- Down payment
- $28,917
- Funds due
- $36,430
- Interest + MI left
- $380,684
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $104,083 | $104,083 | $251,083 |
| Second mortgage | — | $147,000 | — |
| First P&I | $487.60 | $487.60 | $1,738.45 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | — | — | $50.22 |
| Taxes, insurance & HOA | $325.33 | $325.33 | $325.33 |
| Total housing payment | $812.94 | $1,891.57 | $2,114.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,917
Closing costs & prepaids$10,354
Usable credit−$0
Total buyer cash needed$39,271
Earnest money paid−$0
Remaining funds due$39,271
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$520.42
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)$367.00
Initial HOA (3 months)$159.00
Prepaid interest, first (1 days)$7.81
Prepaid interest, second (1 days)$32.22
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 5 moOf the original 30-year loan at 2.740%
Interest already paid$17,157Through Nov 2026
Assumption only · ends Apr 2051$38,785
Assumption + second · ends Apr 2051, second Dec 2056$280,093
New conventional · ends Dec 2056$380,684