Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,221/mo
Lowest payment- Down payment
- $94,117
- Funds due
- $103,630
- Interest + MI left
- $51,443
- First ends
- Feb 2051
Assumption
Assumption + second
$1,784/mo
+$563/mo- Down payment
- $24,117
- Funds due
- $34,898
- Interest + MI left
- $184,208
- First ends
- Feb 2051
New loan
New conventional
$2,062/mo
+$841/mo- Down payment
- $24,117
- Funds due
- $31,924
- Interest + MI left
- $319,582
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,783 | $140,783 | $210,783 |
| Second mortgage | — | $70,000 | — |
| First P&I | $660.57 | $660.57 | $1,459.42 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | — | — | $42.16 |
| Taxes, insurance & HOA | $560.58 | $560.58 | $560.58 |
| Total housing payment | $1,221.15 | $1,784.39 | $2,062.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,117
Closing costs & prepaids$10,780
Usable credit−$0
Total buyer cash needed$34,898
Earnest money paid−$0
Remaining funds due$34,898
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,349.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$703.91
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)$589.75
Initial HOA (3 months)$642.00
Prepaid interest, first (1 days)$10.45
Prepaid interest, second (1 days)$17.26
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 2.710%
Interest already paid$23,710Through Nov 2026
Assumption only · ends Feb 2051$51,443
Assumption + second · ends Feb 2051, second Dec 2056$184,208
New conventional · ends Dec 2056$319,582