Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,479/mo
Lowest payment- Down payment
- $55,947
- Funds due
- $65,932
- Interest + MI left
- $71,405
- First ends
- Apr 2051
Assumption
Assumption + second
$1,720/mo
+$241/mo- Down payment
- $25,947
- Funds due
- $37,197
- Interest + MI left
- $128,304
- First ends
- Apr 2051
New loan
New conventional
$2,169/mo
+$690/mo- Down payment
- $25,947
- Funds due
- $33,972
- Interest + MI left
- $339,550
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,953 | $193,953 | $223,953 |
| Second mortgage | — | $30,000 | — |
| First P&I | $905.66 | $905.66 | $1,550.61 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | — | — | $44.79 |
| Taxes, insurance & HOA | $573.33 | $573.33 | $573.33 |
| Total housing payment | $1,478.99 | $1,720.38 | $2,168.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,947
Closing costs & prepaids$11,250
Usable credit−$0
Total buyer cash needed$37,197
Earnest money paid−$0
Remaining funds due$37,197
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$969.77
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)$205.00
Initial HOA (3 months)$1,065.00
Prepaid interest, first (2 days)$28.80
Prepaid interest, second (2 days)$14.79
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 2.710%
Interest already paid$31,632Through Nov 2026
Assumption only · ends Apr 2051$71,405
Assumption + second · ends Apr 2051, second Dec 2056$128,304
New conventional · ends Dec 2056$339,550