Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,390/mo
Lowest payment- Down payment
- $181,707
- Funds due
- $192,685
- Interest + MI left
- $81,305
- First ends
- Apr 2051
Assumption
Assumption + second
$2,425/mo
+$1,035/mo- Down payment
- $40,707
- Funds due
- $52,966
- Interest + MI left
- $312,764
- First ends
- Apr 2051
New loan
New conventional
$2,927/mo
+$1,537/mo- Down payment
- $40,707
- Funds due
- $49,450
- Interest + MI left
- $544,669
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,193 | $218,193 | $359,193 |
| Second mortgage | — | $141,000 | — |
| First P&I | $1,022.18 | $1,022.18 | $2,486.98 |
| Second P&I | — | $1,034.61 | — |
| Mortgage insurance | — | — | $71.84 |
| Taxes, insurance & HOA | $367.83 | $367.83 | $367.83 |
| Total housing payment | $1,390.01 | $2,424.62 | $2,926.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,707
Closing costs & prepaids$12,259
Usable credit−$0
Total buyer cash needed$52,966
Earnest money paid−$0
Remaining funds due$52,966
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%)$1,090.96
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)$425.50
Initial HOA (3 months)$228.00
Prepaid interest, first (1 days)$16.38
Prepaid interest, second (1 days)$30.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2.740%
Interest already paid$35,968Through Nov 2026
Assumption only · ends Apr 2051$81,305
Assumption + second · ends Apr 2051, second Dec 2056$312,764
New conventional · ends Dec 2056$544,669