Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,526/mo
Lowest payment- Down payment
- $215,595
- Funds due
- $227,334
- Interest + MI left
- $69,022
- First ends
- Mar 2051
Assumption
Assumption + second
$2,810/mo
+$1,284/mo- Down payment
- $40,595
- Funds due
- $53,814
- Interest + MI left
- $356,293
- First ends
- Mar 2051
New loan
New conventional
$3,162/mo
+$1,636/mo- Down payment
- $40,595
- Funds due
- $50,553
- Interest + MI left
- $525,436
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,404 | $184,404 | $359,404 |
| Second mortgage | — | $175,000 | — |
| First P&I | $870.88 | $870.88 | $2,434.73 |
| Second P&I | — | $1,284.09 | — |
| Mortgage insurance | — | — | $71.88 |
| Taxes, insurance & HOA | $655.00 | $655.00 | $655.00 |
| Total housing payment | $1,525.88 | $2,809.97 | $3,161.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,595
Closing costs & prepaids$13,219
Usable credit−$0
Total buyer cash needed$53,814
Earnest money paid−$0
Remaining funds due$53,814
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$922.02
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)$480.00
Initial HOA (3 months)$1,035.00
Prepaid interest, first (6 days)$83.97
Prepaid interest, second (6 days)$230.14
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 3 moOf the original 30-year loan at 2.77%
Interest already paid$31,723Through Dec 2026
Assumption only · ends Mar 2051$69,022
Assumption + second · ends Mar 2051, second Jan 2057$356,293
New conventional · ends Jan 2057$525,436