Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,312/mo
Lowest payment- Down payment
- $225,932
- Funds due
- $237,089
- Interest + MI left
- $65,559
- First ends
- Feb 2051
Assumption
Assumption + second
$2,677/mo
+$1,365/mo- Down payment
- $39,932
- Funds due
- $52,543
- Interest + MI left
- $370,888
- First ends
- Feb 2051
New loan
New conventional
$2,993/mo
+$1,681/mo- Down payment
- $39,932
- Funds due
- $49,318
- Interest + MI left
- $525,017
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,068 | $173,068 | $359,068 |
| Second mortgage | — | $186,000 | — |
| First P&I | $822.85 | $822.85 | $2,432.45 |
| Second P&I | — | $1,364.80 | — |
| Mortgage insurance | — | — | $71.81 |
| Taxes, insurance & HOA | $489.17 | $489.17 | $489.17 |
| Total housing payment | $1,312.02 | $2,676.82 | $2,993.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,932
Closing costs & prepaids$12,611
Usable credit−$0
Total buyer cash needed$52,543
Earnest money paid−$0
Remaining funds due$52,543
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$865.34
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)$1,017.50
Prepaid interest, first (5 days)$66.62
Prepaid interest, second (5 days)$203.84
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 2 moOf the original 30-year loan at 2.81%
Interest already paid$30,668Through Dec 2026
Assumption only · ends Feb 2051$65,559
Assumption + second · ends Feb 2051, second Jan 2057$370,888
New conventional · ends Jan 2057$525,017