Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,442/mo
Lowest payment- Down payment
- $118,668
- Funds due
- $129,144
- Interest + MI left
- $66,686
- First ends
- Sep 2051
Assumption
Assumption + second
$2,166/mo
+$724/mo- Down payment
- $28,668
- Funds due
- $40,527
- Interest + MI left
- $237,384
- First ends
- Sep 2051
New loan
New conventional
$2,427/mo
+$985/mo- Down payment
- $28,668
- Funds due
- $37,475
- Interest + MI left
- $367,439
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,332 | $161,332 | $251,332 |
| Second mortgage | — | $90,000 | — |
| First P&I | $767.74 | $767.74 | $1,702.61 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | — | — | $50.27 |
| Taxes, insurance & HOA | $674.00 | $674.00 | $674.00 |
| Total housing payment | $1,441.74 | $2,165.90 | $2,426.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,668
Closing costs & prepaids$11,859
Usable credit−$0
Total buyer cash needed$40,527
Earnest money paid−$0
Remaining funds due$40,527
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$806.66
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)$336.00
Initial HOA (3 months)$1,236.00
Prepaid interest, first (6 days)$78.77
Prepaid interest, second (6 days)$133.15
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 9 moOf the original 30-year loan at 2.97%
Interest already paid$26,899Through Dec 2026
Assumption only · ends Sep 2051$66,686
Assumption + second · ends Sep 2051, second Jan 2057$237,384
New conventional · ends Jan 2057$367,439