Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,486/mo
Lowest payment- Down payment
- $223,155
- Funds due
- $234,817
- Interest + MI left
- $54,719
- First ends
- May 2051
Assumption
Assumption + second
$2,851/mo
+$1,365/mo- Down payment
- $37,155
- Funds due
- $50,312
- Interest + MI left
- $360,047
- First ends
- May 2051
New loan
New conventional
$3,119/mo
+$1,633/mo- Down payment
- $37,155
- Funds due
- $47,245
- Interest + MI left
- $486,673
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $146,844 | $146,844 | $332,844 |
| Second mortgage | — | $186,000 | — |
| First P&I | $687.93 | $687.93 | $2,254.80 |
| Second P&I | — | $1,364.80 | — |
| Mortgage insurance | — | — | $66.57 |
| Taxes, insurance & HOA | $798.00 | $798.00 | $798.00 |
| Total housing payment | $1,485.93 | $2,850.73 | $3,119.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,155
Closing costs & prepaids$13,157
Usable credit−$0
Total buyer cash needed$50,312
Earnest money paid−$0
Remaining funds due$50,312
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,699.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$734.22
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)$444.00
Initial HOA (3 months)$1,500.00
Prepaid interest, first (6 days)$66.14
Prepaid interest, second (6 days)$244.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 5 moOf the original 30-year loan at 2.74%
Interest already paid$24,206Through Dec 2026
Assumption only · ends May 2051$54,719
Assumption + second · ends May 2051, second Jan 2057$360,047
New conventional · ends Jan 2057$486,673