Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,211/mo
Lowest payment- Down payment
- $191,616
- Funds due
- $202,200
- Interest + MI left
- $68,817
- First ends
- Apr 2051
Assumption
Assumption + second
$2,334/mo
+$1,123/mo- Down payment
- $38,616
- Funds due
- $50,652
- Interest + MI left
- $319,974
- First ends
- Apr 2051
New loan
New conventional
$2,711/mo
+$1,500/mo- Down payment
- $38,616
- Funds due
- $47,399
- Interest + MI left
- $499,092
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,384 | $188,384 | $341,384 |
| Second mortgage | — | $153,000 | — |
| First P&I | $880.82 | $880.82 | $2,312.65 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | — | — | $68.28 |
| Taxes, insurance & HOA | $330.33 | $330.33 | $330.33 |
| Total housing payment | $1,211.15 | $2,333.81 | $2,711.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,616
Closing costs & prepaids$12,036
Usable credit−$0
Total buyer cash needed$50,652
Earnest money paid−$0
Remaining funds due$50,652
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$941.92
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)$456.00
Initial HOA (3 months)$84.99
Prepaid interest, first (6 days)$83.61
Prepaid interest, second (6 days)$201.21
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 4 moOf the original 30-year loan at 2.7%
Interest already paid$31,113Through Dec 2026
Assumption only · ends Apr 2051$68,817
Assumption + second · ends Apr 2051, second Jan 2057$319,974
New conventional · ends Jan 2057$499,092