Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$984/mo
Lowest payment- Down payment
- $203,736
- Funds due
- $213,586
- Interest + MI left
- $35,094
- First ends
- May 2051
Assumption
Assumption + second
$2,261/mo
+$1,277/mo- Down payment
- $29,736
- Funds due
- $40,913
- Interest + MI left
- $320,724
- First ends
- May 2051
New loan
New conventional
$2,444/mo
+$1,460/mo- Down payment
- $29,736
- Funds due
- $38,134
- Interest + MI left
- $402,289
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $91,263 | $91,263 | $265,263 |
| Second mortgage | — | $174,000 | — |
| First P&I | $429.79 | $429.79 | $1,836.63 |
| Second P&I | — | $1,276.75 | — |
| Mortgage insurance | — | — | $53.05 |
| Taxes, insurance & HOA | $554.17 | $554.17 | $554.17 |
| Total housing payment | $983.95 | $2,260.71 | $2,443.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,736
Closing costs & prepaids$11,177
Usable credit−$0
Total buyer cash needed$40,913
Earnest money paid−$0
Remaining funds due$40,913
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,949.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$456.32
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)$513.50
Initial HOA (3 months)$699.00
Prepaid interest, first (2 days)$14.05
Prepaid interest, second (2 days)$76.27
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 6 moOf the original 30-year loan at 2.810%
Interest already paid$15,166Through Nov 2026
Assumption only · ends May 2051$35,094
Assumption + second · ends May 2051, second Dec 2056$320,724
New conventional · ends Dec 2056$402,289