Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,466/mo
Lowest payment- Down payment
- $64,855
- Funds due
- $74,864
- Interest + MI left
- $64,204
- First ends
- Mar 2051
Assumption
Assumption + second
$1,788/mo
+$322/mo- Down payment
- $24,855
- Funds due
- $36,134
- Interest + MI left
- $140,069
- First ends
- Mar 2051
New loan
New conventional
$2,179/mo
+$713/mo- Down payment
- $24,855
- Funds due
- $33,009
- Interest + MI left
- $326,044
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,045 | $175,045 | $215,045 |
| Second mortgage | — | $40,000 | — |
| First P&I | $819.35 | $819.35 | $1,488.93 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | — | — | $43.01 |
| Taxes, insurance & HOA | $647.08 | $647.08 | $647.08 |
| Total housing payment | $1,466.43 | $1,788.28 | $2,179.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,855
Closing costs & prepaids$11,279
Usable credit−$0
Total buyer cash needed$36,134
Earnest money paid−$0
Remaining funds due$36,134
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$875.23
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)$438.25
Initial HOA (3 months)$1,053.00
Prepaid interest, first (2 days)$25.99
Prepaid interest, second (2 days)$19.73
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 4 moOf the original 30-year loan at 2.710%
Interest already paid$29,014Through Nov 2026
Assumption only · ends Mar 2051$64,204
Assumption + second · ends Mar 2051, second Dec 2056$140,069
New conventional · ends Dec 2056$326,044