Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,083/mo
Lowest payment- Down payment
- $201,115
- Funds due
- $211,274
- Interest + MI left
- $59,951
- First ends
- Jan 2051
Assumption
Assumption + second
$2,294/mo
+$1,211/mo- Down payment
- $36,115
- Funds due
- $47,561
- Interest + MI left
- $330,807
- First ends
- Jan 2051
New loan
New conventional
$2,636/mo
+$1,553/mo- Down payment
- $36,115
- Funds due
- $44,379
- Interest + MI left
- $491,193
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $158,885 | $158,885 | $323,885 |
| Second mortgage | — | $165,000 | — |
| First P&I | $754.61 | $754.61 | $2,242.51 |
| Second P&I | — | $1,210.71 | — |
| Mortgage insurance | — | — | $64.78 |
| Taxes, insurance & HOA | $328.25 | $328.25 | $328.25 |
| Total housing payment | $1,082.85 | $2,293.57 | $2,635.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,115
Closing costs & prepaids$11,446
Usable credit−$0
Total buyer cash needed$47,561
Earnest money paid−$0
Remaining funds due$47,561
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$794.43
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)$389.75
Initial HOA (3 months)$144.99
Prepaid interest, first (1 days)$12.19
Prepaid interest, second (1 days)$36.16
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 2 moOf the original 30-year loan at 2.800%
Interest already paid$28,058Through Nov 2026
Assumption only · ends Jan 2051$59,951
Assumption + second · ends Jan 2051, second Dec 2056$330,807
New conventional · ends Dec 2056$491,193