Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,128/mo
Lowest payment- Down payment
- $226,259
- Funds due
- $236,804
- Interest + MI left
- $68,653
- First ends
- Mar 2051
Assumption
Assumption + second
$2,493/mo
+$1,365/mo- Down payment
- $40,259
- Funds due
- $52,094
- Interest + MI left
- $373,982
- First ends
- Mar 2051
New loan
New conventional
$2,861/mo
+$1,733/mo- Down payment
- $40,259
- Funds due
- $48,798
- Interest + MI left
- $545,571
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,741 | $173,741 | $359,741 |
| Second mortgage | — | $186,000 | — |
| First P&I | $830.12 | $830.12 | $2,490.77 |
| Second P&I | — | $1,364.80 | — |
| Mortgage insurance | — | — | $71.95 |
| Taxes, insurance & HOA | $297.92 | $297.92 | $297.92 |
| Total housing payment | $1,128.04 | $2,492.84 | $2,860.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,259
Closing costs & prepaids$11,835
Usable credit−$0
Total buyer cash needed$52,094
Earnest money paid−$0
Remaining funds due$52,094
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$868.70
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)$416.25
Initial HOA (3 months)$27.51
Prepaid interest, first (1 days)$13.80
Prepaid interest, second (1 days)$40.77
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 4 moOf the original 30-year loan at 2.900%
Interest already paid$30,752Through Nov 2026
Assumption only · ends Mar 2051$68,653
Assumption + second · ends Mar 2051, second Dec 2056$373,982
New conventional · ends Dec 2056$545,571