Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$785/mo
Lowest payment- Down payment
- $193,725
- Funds due
- $202,863
- Interest + MI left
- $41,665
- First ends
- Jul 2051
Assumption
Assumption + second
$1,988/mo
+$1,203/mo- Down payment
- $29,725
- Funds due
- $40,149
- Interest + MI left
- $310,880
- First ends
- Jul 2051
New loan
New conventional
$2,191/mo
+$1,406/mo- Down payment
- $29,725
- Funds due
- $37,312
- Interest + MI left
- $402,156
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $101,175 | $101,175 | $265,175 |
| Second mortgage | — | $164,000 | — |
| First P&I | $482.57 | $482.57 | $1,836.02 |
| Second P&I | — | $1,203.37 | — |
| Mortgage insurance | — | — | $53.04 |
| Taxes, insurance & HOA | $302.09 | $302.09 | $302.09 |
| Total housing payment | $784.65 | $1,988.03 | $2,191.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,725
Closing costs & prepaids$10,423
Usable credit−$0
Total buyer cash needed$40,149
Earnest money paid−$0
Remaining funds due$40,149
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,949.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$505.87
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)$440.00
Initial HOA (3 months)$16.26
Prepaid interest, first (1 days)$8.23
Prepaid interest, second (1 days)$35.95
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 8 moOf the original 30-year loan at 2.970%
Interest already paid$17,159Through Nov 2026
Assumption only · ends Jul 2051$41,665
Assumption + second · ends Jul 2051, second Dec 2056$310,880
New conventional · ends Dec 2056$402,156