Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,054/mo
Lowest payment- Down payment
- $50,867
- Funds due
- $59,487
- Interest + MI left
- $68,290
- First ends
- Feb 2051
Assumption
Assumption + second
$1,271/mo
+$217/mo- Down payment
- $23,867
- Funds due
- $33,744
- Interest + MI left
- $119,499
- First ends
- Feb 2051
New loan
New conventional
$1,698/mo
+$644/mo- Down payment
- $23,867
- Funds due
- $30,554
- Interest + MI left
- $323,231
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,133 | $186,133 | $213,133 |
| Second mortgage | — | $27,000 | — |
| First P&I | $874.31 | $874.31 | $1,475.69 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | — | — | $42.63 |
| Taxes, insurance & HOA | $179.25 | $179.25 | $179.25 |
| Total housing payment | $1,053.56 | $1,270.81 | $1,697.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,867
Closing costs & prepaids$9,877
Usable credit−$0
Total buyer cash needed$33,744
Earnest money paid−$0
Remaining funds due$33,744
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,370.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$930.66
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)$78.25
Initial HOA (3 months)$9.51
Prepaid interest, first (1 days)$13.87
Prepaid interest, second (1 days)$6.66
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 2.720%
Interest already paid$31,460Through Nov 2026
Assumption only · ends Feb 2051$68,290
Assumption + second · ends Feb 2051, second Dec 2056$119,499
New conventional · ends Dec 2056$323,231