Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,251/mo
Lowest payment- Down payment
- $171,671
- Funds due
- $182,051
- Interest + MI left
- $57,147
- First ends
- Mar 2051
Assumption
Assumption + second
$2,271/mo
+$1,020/mo- Down payment
- $32,671
- Funds due
- $44,332
- Interest + MI left
- $285,323
- First ends
- Mar 2051
New loan
New conventional
$2,608/mo
+$1,357/mo- Down payment
- $32,671
- Funds due
- $41,219
- Interest + MI left
- $441,482
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,106 | $152,106 | $291,106 |
| Second mortgage | — | $139,000 | — |
| First P&I | $716.62 | $716.62 | $2,015.56 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | — | — | $58.22 |
| Taxes, insurance & HOA | $534.25 | $534.25 | $534.25 |
| Total housing payment | $1,250.87 | $2,270.80 | $2,608.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,671
Closing costs & prepaids$11,661
Usable credit−$0
Total buyer cash needed$44,332
Earnest money paid−$0
Remaining funds due$44,332
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,237.77
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$760.53
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)$267.75
Initial HOA (3 months)$885.00
Prepaid interest, first (1 days)$11.54
Prepaid interest, second (1 days)$30.47
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 4 moOf the original 30-year loan at 2.770%
Interest already paid$25,753Through Nov 2026
Assumption only · ends Mar 2051$57,147
Assumption + second · ends Mar 2051, second Dec 2056$285,323
New conventional · ends Dec 2056$441,482