Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,253/mo
Lowest payment- Down payment
- $140,615
- Funds due
- $150,672
- Interest + MI left
- $77,873
- First ends
- Jul 2051
Assumption
Assumption + second
$2,046/mo
+$792/mo- Down payment
- $32,615
- Funds due
- $43,946
- Interest + MI left
- $255,160
- First ends
- Jul 2051
New loan
New conventional
$2,450/mo
+$1,197/mo- Down payment
- $32,615
- Funds due
- $40,675
- Interest + MI left
- $443,270
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,285 | $184,285 | $292,285 |
| Second mortgage | — | $108,000 | — |
| First P&I | $885.67 | $885.67 | $2,023.72 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | — | — | $58.46 |
| Taxes, insurance & HOA | $367.75 | $367.75 | $367.75 |
| Total housing payment | $1,253.42 | $2,045.88 | $2,449.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,615
Closing costs & prepaids$11,331
Usable credit−$0
Total buyer cash needed$43,946
Earnest money paid−$0
Remaining funds due$43,946
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$921.42
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)$419.25
Initial HOA (3 months)$234.00
Prepaid interest, first (1 days)$15.35
Prepaid interest, second (1 days)$23.67
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 8 moOf the original 30-year loan at 3.040%
Interest already paid$31,968Through Nov 2026
Assumption only · ends Jul 2051$77,873
Assumption + second · ends Jul 2051, second Dec 2056$255,160
New conventional · ends Dec 2056$443,270