Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,059/mo
Lowest payment- Down payment
- $179,840
- Funds due
- $189,694
- Interest + MI left
- $56,493
- First ends
- Feb 2051
Assumption
Assumption + second
$2,138/mo
+$1,079/mo- Down payment
- $32,840
- Funds due
- $43,976
- Interest + MI left
- $297,801
- First ends
- Feb 2051
New loan
New conventional
$2,448/mo
+$1,388/mo- Down payment
- $32,840
- Funds due
- $40,895
- Interest + MI left
- $443,022
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,160 | $145,160 | $292,160 |
| Second mortgage | — | $147,000 | — |
| First P&I | $692.97 | $692.97 | $2,022.86 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | — | — | $58.43 |
| Taxes, insurance & HOA | $366.42 | $366.42 | $366.42 |
| Total housing payment | $1,059.38 | $2,138.02 | $2,447.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,840
Closing costs & prepaids$11,137
Usable credit−$0
Total buyer cash needed$43,976
Earnest money paid−$0
Remaining funds due$43,976
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$725.80
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)$289.25
Initial HOA (3 months)$360.00
Prepaid interest, first (1 days)$11.41
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 3 moOf the original 30-year loan at 2.870%
Interest already paid$25,844Through Nov 2026
Assumption only · ends Feb 2051$56,493
Assumption + second · ends Feb 2051, second Dec 2056$297,801
New conventional · ends Dec 2056$443,022