Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$981/mo
Lowest payment- Down payment
- $167,818
- Funds due
- $177,357
- Interest + MI left
- $55,834
- First ends
- Feb 2051
Assumption
Assumption + second
$1,972/mo
+$991/mo- Down payment
- $32,818
- Funds due
- $43,637
- Interest + MI left
- $277,444
- First ends
- Feb 2051
New loan
New conventional
$2,312/mo
+$1,331/mo- Down payment
- $32,818
- Funds due
- $40,522
- Interest + MI left
- $435,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,182 | $152,182 | $287,182 |
| Second mortgage | — | $135,000 | — |
| First P&I | $714.83 | $714.83 | $1,988.39 |
| Second P&I | — | $990.58 | — |
| Mortgage insurance | — | — | $57.44 |
| Taxes, insurance & HOA | $266.33 | $266.33 | $266.33 |
| Total housing payment | $981.17 | $1,971.75 | $2,312.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,818
Closing costs & prepaids$10,819
Usable credit−$0
Total buyer cash needed$43,637
Earnest money paid−$0
Remaining funds due$43,637
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$760.91
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)$280.00
Initial HOA (3 months)$69.00
Prepaid interest, first (1 days)$11.34
Prepaid interest, second (1 days)$29.59
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$25,722Through Nov 2026
Assumption only · ends Feb 2051$55,834
Assumption + second · ends Feb 2051, second Dec 2056$277,444
New conventional · ends Dec 2056$435,473