Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,530/mo
Lowest payment- Down payment
- $96,929
- Funds due
- $107,445
- Interest + MI left
- $70,836
- First ends
- Feb 2051
Assumption
Assumption + second
$2,069/mo
+$539/mo- Down payment
- $29,929
- Funds due
- $41,712
- Interest + MI left
- $197,910
- First ends
- Feb 2051
New loan
New conventional
$2,476/mo
+$946/mo- Down payment
- $29,929
- Funds due
- $38,426
- Interest + MI left
- $394,311
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,071 | $193,071 | $260,071 |
| Second mortgage | — | $67,000 | — |
| First P&I | $906.90 | $906.90 | $1,800.68 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | — | — | $52.01 |
| Taxes, insurance & HOA | $622.83 | $622.83 | $622.83 |
| Total housing payment | $1,529.73 | $2,068.83 | $2,475.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,929
Closing costs & prepaids$11,783
Usable credit−$0
Total buyer cash needed$41,712
Earnest money paid−$0
Remaining funds due$41,712
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$965.35
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)$263.50
Initial HOA (3 months)$1,155.00
Prepaid interest, first (1 days)$14.39
Prepaid interest, second (1 days)$16.52
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$32,633Through Nov 2026
Assumption only · ends Feb 2051$70,836
Assumption + second · ends Feb 2051, second Dec 2056$197,910
New conventional · ends Dec 2056$394,311