Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,005/mo
Lowest payment- Down payment
- $159,711
- Funds due
- $169,181
- Interest + MI left
- $37,500
- First ends
- Feb 2051
Assumption
Assumption + second
$1,981/mo
+$976/mo- Down payment
- $26,711
- Funds due
- $37,460
- Interest + MI left
- $255,827
- First ends
- Feb 2051
New loan
New conventional
$2,193/mo
+$1,188/mo- Down payment
- $26,711
- Funds due
- $34,660
- Interest + MI left
- $353,554
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $100,189 | $100,189 | $233,189 |
| Second mortgage | — | $133,000 | — |
| First P&I | $473.16 | $473.16 | $1,614.55 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | — | — | $46.64 |
| Taxes, insurance & HOA | $531.67 | $531.67 | $531.67 |
| Total housing payment | $1,004.83 | $1,980.73 | $2,192.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,711
Closing costs & prepaids$10,750
Usable credit−$0
Total buyer cash needed$37,460
Earnest money paid−$0
Remaining funds due$37,460
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$500.95
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)$794.00
Initial HOA (3 months)$351.00
Prepaid interest, first (1 days)$7.60
Prepaid interest, second (1 days)$29.15
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 2.770%
Interest already paid$17,235Through Nov 2026
Assumption only · ends Feb 2051$37,500
Assumption + second · ends Feb 2051, second Dec 2056$255,827
New conventional · ends Dec 2056$353,554