Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,173/mo
Lowest payment- Down payment
- $138,842
- Funds due
- $148,759
- Interest + MI left
- $40,482
- First ends
- Apr 2051
Assumption
Assumption + second
$1,987/mo
+$814/mo- Down payment
- $27,842
- Funds due
- $39,058
- Interest + MI left
- $222,694
- First ends
- Apr 2051
New loan
New conventional
$2,325/mo
+$1,152/mo- Down payment
- $27,842
- Funds due
- $36,098
- Interest + MI left
- $372,508
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $134,658 | $134,658 | $245,658 |
| Second mortgage | — | $111,000 | — |
| First P&I | $597.75 | $597.75 | $1,700.89 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | — | — | $49.13 |
| Taxes, insurance & HOA | $575.00 | $575.00 | $575.00 |
| Total housing payment | $1,172.75 | $1,987.23 | $2,325.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,842
Closing costs & prepaids$11,217
Usable credit−$0
Total buyer cash needed$39,058
Earnest money paid−$0
Remaining funds due$39,058
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,735.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$673.29
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)$255.00
Initial HOA (3 months)$1,020.00
Prepaid interest, first (2 days)$16.60
Prepaid interest, second (2 days)$48.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 2.250%
Interest already paid$18,330Through Nov 2026
Assumption only · ends Apr 2051$40,482
Assumption + second · ends Apr 2051, second Dec 2056$222,694
New conventional · ends Dec 2056$372,508