Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,174/mo
Lowest payment- Down payment
- $185,908
- Funds due
- $196,196
- Interest + MI left
- $63,822
- First ends
- Feb 2051
Assumption
Assumption + second
$2,275/mo
+$1,101/mo- Down payment
- $35,908
- Funds due
- $47,511
- Interest + MI left
- $310,055
- First ends
- Feb 2051
New loan
New conventional
$2,628/mo
+$1,454/mo- Down payment
- $35,908
- Funds due
- $44,325
- Interest + MI left
- $476,064
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,992 | $163,992 | $313,992 |
| Second mortgage | — | $150,000 | — |
| First P&I | $782.87 | $782.87 | $2,174.02 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | — | — | $62.80 |
| Taxes, insurance & HOA | $391.58 | $391.58 | $391.58 |
| Total housing payment | $1,174.45 | $2,275.10 | $2,628.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,908
Closing costs & prepaids$11,603
Usable credit−$0
Total buyer cash needed$47,511
Earnest money paid−$0
Remaining funds due$47,511
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$819.96
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)$454.75
Initial HOA (3 months)$270.00
Prepaid interest, first (2 days)$25.79
Prepaid interest, second (2 days)$65.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2.870%
Interest already paid$29,197Through Nov 2026
Assumption only · ends Feb 2051$63,822
Assumption + second · ends Feb 2051, second Dec 2056$310,055
New conventional · ends Dec 2056$476,064