Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,419/mo
Lowest payment- Down payment
- $187,438
- Funds due
- $198,602
- Interest + MI left
- $74,698
- First ends
- May 2051
Assumption
Assumption + second
$2,505/mo
+$1,086/mo- Down payment
- $39,438
- Funds due
- $52,014
- Interest + MI left
- $317,648
- First ends
- May 2051
New loan
New conventional
$2,910/mo
+$1,491/mo- Down payment
- $39,438
- Funds due
- $48,680
- Interest + MI left
- $509,439
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,462 | $200,462 | $348,462 |
| Second mortgage | — | $148,000 | — |
| First P&I | $939.11 | $939.11 | $2,360.60 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | — | — | $69.69 |
| Taxes, insurance & HOA | $479.75 | $479.75 | $479.75 |
| Total housing payment | $1,418.86 | $2,504.84 | $2,910.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,438
Closing costs & prepaids$12,576
Usable credit−$0
Total buyer cash needed$52,014
Earnest money paid−$0
Remaining funds due$52,014
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,879.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,002.31
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)$989.25
Prepaid interest, first (5 days)$75.24
Prepaid interest, second (5 days)$162.19
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 5 moOf the original 30-year loan at 2.74%
Interest already paid$33,045Through Dec 2026
Assumption only · ends May 2051$74,698
Assumption + second · ends May 2051, second Jan 2057$317,648
New conventional · ends Jan 2057$509,439