Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$841/mo
Lowest payment- Down payment
- $215,704
- Funds due
- $225,212
- Interest + MI left
- $47,020
- First ends
- Jun 2051
Assumption
Assumption + second
$2,184/mo
+$1,343/mo- Down payment
- $32,704
- Funds due
- $43,502
- Interest + MI left
- $347,424
- First ends
- Jun 2051
New loan
New conventional
$2,394/mo
+$1,552/mo- Down payment
- $32,704
- Funds due
- $40,595
- Interest + MI left
- $443,287
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $109,296 | $109,296 | $292,296 |
| Second mortgage | — | $183,000 | — |
| First P&I | $529.88 | $529.88 | $2,023.80 |
| Second P&I | — | $1,342.79 | — |
| Mortgage insurance | — | — | $58.46 |
| Taxes, insurance & HOA | $311.33 | $311.33 | $311.33 |
| Total housing payment | $841.21 | $2,184.00 | $2,393.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,704
Closing costs & prepaids$10,798
Usable credit−$0
Total buyer cash needed$43,502
Earnest money paid−$0
Remaining funds due$43,502
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$546.48
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)$342.00
Initial HOA (3 months)$141.99
Prepaid interest, first (1 days)$9.28
Prepaid interest, second (1 days)$40.11
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 7 moOf the original 30-year loan at 3.100%
Interest already paid$19,648Through Nov 2026
Assumption only · ends Jun 2051$47,020
Assumption + second · ends Jun 2051, second Dec 2056$347,424
New conventional · ends Dec 2056$443,287