Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,235/mo
Lowest payment- Down payment
- $224,822
- Funds due
- $235,716
- Interest + MI left
- $65,531
- First ends
- Feb 2051
Assumption
Assumption + second
$2,585/mo
+$1,350/mo- Down payment
- $40,822
- Funds due
- $53,047
- Interest + MI left
- $367,576
- First ends
- Feb 2051
New loan
New conventional
$2,966/mo
+$1,731/mo- Down payment
- $40,822
- Funds due
- $49,758
- Interest + MI left
- $544,494
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,078 | $175,078 | $359,078 |
| Second mortgage | — | $184,000 | — |
| First P&I | $826.83 | $826.83 | $2,486.18 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | — | — | $71.82 |
| Taxes, insurance & HOA | $408.25 | $408.25 | $408.25 |
| Total housing payment | $1,235.08 | $2,585.21 | $2,966.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,822
Closing costs & prepaids$12,224
Usable credit−$0
Total buyer cash needed$53,047
Earnest money paid−$0
Remaining funds due$53,047
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$875.39
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)$474.75
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$26.57
Prepaid interest, second (2 days)$80.66
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 3 moOf the original 30-year loan at 2.770%
Interest already paid$30,118Through Nov 2026
Assumption only · ends Feb 2051$65,531
Assumption + second · ends Feb 2051, second Dec 2056$367,576
New conventional · ends Dec 2056$544,494