Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,274/mo
Lowest payment- Down payment
- $101,016
- Funds due
- $110,834
- Interest + MI left
- $73,775
- First ends
- Apr 2051
Assumption
Assumption + second
$1,845/mo
+$571/mo- Down payment
- $30,016
- Funds due
- $41,119
- Interest + MI left
- $208,436
- First ends
- Apr 2051
New loan
New conventional
$2,263/mo
+$989/mo- Down payment
- $30,016
- Funds due
- $37,829
- Interest + MI left
- $407,932
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,984 | $197,984 | $268,984 |
| Second mortgage | — | $71,000 | — |
| First P&I | $927.50 | $927.50 | $1,862.39 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | — | — | $53.80 |
| Taxes, insurance & HOA | $346.50 | $346.50 | $346.50 |
| Total housing payment | $1,274.00 | $1,845.29 | $2,262.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,016
Closing costs & prepaids$11,102
Usable credit−$0
Total buyer cash needed$41,119
Earnest money paid−$0
Remaining funds due$41,119
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$989.92
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)$379.50
Initial HOA (3 months)$210.00
Prepaid interest, first (2 days)$29.72
Prepaid interest, second (2 days)$35.01
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 5 moOf the original 30-year loan at 2.740%
Interest already paid$32,636Through Nov 2026
Assumption only · ends Apr 2051$73,775
Assumption + second · ends Apr 2051, second Dec 2056$208,436
New conventional · ends Dec 2056$407,932