Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,559/mo
Lowest payment- Down payment
- $73,103
- Funds due
- $83,464
- Interest + MI left
- $82,419
- First ends
- Sep 2051
Assumption
Assumption + second
$1,921/mo
+$362/mo- Down payment
- $28,103
- Funds due
- $39,736
- Interest + MI left
- $167,768
- First ends
- Sep 2051
New loan
New conventional
$2,354/mo
+$795/mo- Down payment
- $28,103
- Funds due
- $36,460
- Interest + MI left
- $370,547
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,397 | $199,397 | $244,397 |
| Second mortgage | — | $45,000 | — |
| First P&I | $945.69 | $945.69 | $1,692.16 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | — | — | $48.88 |
| Taxes, insurance & HOA | $613.08 | $613.08 | $613.08 |
| Total housing payment | $1,558.77 | $1,920.86 | $2,354.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,103
Closing costs & prepaids$11,634
Usable credit−$0
Total buyer cash needed$39,736
Earnest money paid−$0
Remaining funds due$39,736
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,725.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$996.99
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)$264.25
Initial HOA (3 months)$1,125.00
Prepaid interest, first (2 days)$32.34
Prepaid interest, second (2 days)$22.19
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 10 moOf the original 30-year loan at 2.960%
Interest already paid$32,570Through Nov 2026
Assumption only · ends Sep 2051$82,419
Assumption + second · ends Sep 2051, second Dec 2056$167,768
New conventional · ends Dec 2056$370,547