Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,214/mo
Lowest payment- Down payment
- $83,141
- Funds due
- $92,546
- Interest + MI left
- $67,639
- First ends
- Jan 2051
Assumption
Assumption + second
$1,665/mo
+$451/mo- Down payment
- $27,141
- Funds due
- $37,823
- Interest + MI left
- $173,851
- First ends
- Jan 2051
New loan
New conventional
$2,039/mo
+$825/mo- Down payment
- $27,141
- Funds due
- $34,653
- Interest + MI left
- $356,692
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,259 | $179,259 | $235,259 |
| Second mortgage | — | $56,000 | — |
| First P&I | $851.37 | $851.37 | $1,628.89 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | — | — | $47.05 |
| Taxes, insurance & HOA | $363.08 | $363.08 | $363.08 |
| Total housing payment | $1,214.46 | $1,665.05 | $2,039.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,141
Closing costs & prepaids$10,683
Usable credit−$0
Total buyer cash needed$37,823
Earnest money paid−$0
Remaining funds due$37,823
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,624.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$896.30
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)$576.25
Initial HOA (3 months)$63.00
Prepaid interest, first (2 days)$27.50
Prepaid interest, second (2 days)$27.62
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 2.800%
Interest already paid$31,655Through Nov 2026
Assumption only · ends Jan 2051$67,639
Assumption + second · ends Jan 2051, second Dec 2056$173,851
New conventional · ends Dec 2056$356,692