Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$901/mo
Lowest payment- Down payment
- $221,617
- Funds due
- $231,402
- Interest + MI left
- $41,534
- First ends
- Feb 2051
Assumption
Assumption + second
$2,281/mo
+$1,379/mo- Down payment
- $33,617
- Funds due
- $44,735
- Interest + MI left
- $350,146
- First ends
- Feb 2051
New loan
New conventional
$2,497/mo
+$1,596/mo- Down payment
- $33,617
- Funds due
- $41,834
- Interest + MI left
- $449,425
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $108,383 | $108,383 | $296,383 |
| Second mortgage | — | $188,000 | — |
| First P&I | $515.18 | $515.18 | $2,052.10 |
| Second P&I | — | $1,379.48 | — |
| Mortgage insurance | — | — | $59.28 |
| Taxes, insurance & HOA | $386.00 | $386.00 | $386.00 |
| Total housing payment | $901.18 | $2,280.65 | $2,497.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,617
Closing costs & prepaids$11,117
Usable credit−$0
Total buyer cash needed$44,735
Earnest money paid−$0
Remaining funds due$44,735
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$541.91
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)$432.00
Initial HOA (3 months)$276.00
Prepaid interest, first (2 days)$16.81
Prepaid interest, second (2 days)$82.41
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 3 moOf the original 30-year loan at 2.830%
Interest already paid$19,036Through Nov 2026
Assumption only · ends Feb 2051$41,534
Assumption + second · ends Feb 2051, second Dec 2056$350,146
New conventional · ends Dec 2056$449,425