Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,023/mo
Lowest payment- Down payment
- $178,142
- Funds due
- $187,879
- Interest + MI left
- $62,754
- First ends
- Jan 2051
Assumption
Assumption + second
$2,080/mo
+$1,057/mo- Down payment
- $34,142
- Funds due
- $45,160
- Interest + MI left
- $299,137
- First ends
- Jan 2051
New loan
New conventional
$2,428/mo
+$1,404/mo- Down payment
- $34,142
- Funds due
- $41,984
- Interest + MI left
- $463,853
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,857 | $161,857 | $305,857 |
| Second mortgage | — | $144,000 | — |
| First P&I | $774.52 | $774.52 | $2,117.69 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | — | — | $61.17 |
| Taxes, insurance & HOA | $248.92 | $248.92 | $248.92 |
| Total housing payment | $1,023.44 | $2,080.06 | $2,427.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,142
Closing costs & prepaids$11,018
Usable credit−$0
Total buyer cash needed$45,160
Earnest money paid−$0
Remaining funds due$45,160
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,399.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$809.29
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)$197.75
Initial HOA (3 months)$99.00
Prepaid interest, first (1 days)$12.73
Prepaid interest, second (1 days)$31.56
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 2 moOf the original 30-year loan at 2.870%
Interest already paid$29,273Through Nov 2026
Assumption only · ends Jan 2051$62,754
Assumption + second · ends Jan 2051, second Dec 2056$299,137
New conventional · ends Dec 2056$463,853