Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$943/mo
Lowest payment- Down payment
- $247,997
- Funds due
- $258,151
- Interest + MI left
- $30,662
- First ends
- Jan 2051
Assumption
Assumption + second
$2,484/mo
+$1,540/mo- Down payment
- $32,997
- Funds due
- $44,493
- Interest + MI left
- $370,165
- First ends
- Jan 2051
New loan
New conventional
$2,670/mo
+$1,727/mo- Down payment
- $32,997
- Funds due
- $41,727
- Interest + MI left
- $450,273
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $81,903 | $81,903 | $296,903 |
| Second mortgage | — | $215,000 | — |
| First P&I | $388.16 | $388.16 | $2,055.70 |
| Second P&I | — | $1,540.29 | — |
| Mortgage insurance | — | — | $59.38 |
| Taxes, insurance & HOA | $555.25 | $555.25 | $555.25 |
| Total housing payment | $943.41 | $2,483.70 | $2,670.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,997
Closing costs & prepaids$11,496
Usable credit−$0
Total buyer cash needed$44,493
Earnest money paid−$0
Remaining funds due$44,493
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$409.52
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)$1,128.25
Initial HOA (3 months)$87.51
Prepaid interest, first (2 days)$12.48
Prepaid interest, second (2 days)$91.30
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 2 moOf the original 30-year loan at 2.780%
Interest already paid$14,363Through Nov 2026
Assumption only · ends Jan 2051$30,662
Assumption + second · ends Jan 2051, second Dec 2056$370,165
New conventional · ends Dec 2056$450,273