Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,232/mo
Lowest payment- Down payment
- $217,603
- Funds due
- $228,462
- Interest + MI left
- $60,946
- First ends
- Jun 2051
Assumption
Assumption + second
$2,546/mo
+$1,313/mo- Down payment
- $38,603
- Funds due
- $50,908
- Interest + MI left
- $354,784
- First ends
- Jun 2051
New loan
New conventional
$2,853/mo
+$1,621/mo- Down payment
- $38,603
- Funds due
- $47,745
- Interest + MI left
- $498,964
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $162,297 | $162,297 | $341,297 |
| Second mortgage | — | $179,000 | — |
| First P&I | $759.33 | $759.33 | $2,312.06 |
| Second P&I | — | $1,313.44 | — |
| Mortgage insurance | — | — | $68.26 |
| Taxes, insurance & HOA | $472.92 | $472.92 | $472.92 |
| Total housing payment | $1,232.25 | $2,545.68 | $2,853.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,603
Closing costs & prepaids$12,305
Usable credit−$0
Total buyer cash needed$50,908
Earnest money paid−$0
Remaining funds due$50,908
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$811.48
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)$968.75
Prepaid interest, first (5 days)$61.14
Prepaid interest, second (5 days)$196.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 6 moOf the original 30-year loan at 2.75%
Interest already paid$26,412Through Dec 2026
Assumption only · ends Jun 2051$60,946
Assumption + second · ends Jun 2051, second Jan 2057$354,784
New conventional · ends Jan 2057$498,964