Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,055/mo
Lowest payment- Down payment
- $220,005
- Funds due
- $230,244
- Interest + MI left
- $62,271
- First ends
- Dec 2050
Assumption
Assumption + second
$2,390/mo
+$1,335/mo- Down payment
- $38,005
- Funds due
- $49,534
- Interest + MI left
- $361,034
- First ends
- Dec 2050
New loan
New conventional
$2,722/mo
+$1,667/mo- Down payment
- $38,005
- Funds due
- $46,327
- Interest + MI left
- $518,658
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $159,995 | $159,995 | $341,995 |
| Second mortgage | — | $182,000 | — |
| First P&I | $769.09 | $769.09 | $2,367.90 |
| Second P&I | — | $1,335.45 | — |
| Mortgage insurance | — | — | $68.40 |
| Taxes, insurance & HOA | $285.92 | $285.92 | $285.92 |
| Total housing payment | $1,055.00 | $2,390.45 | $2,722.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,005
Closing costs & prepaids$11,528
Usable credit−$0
Total buyer cash needed$49,534
Earnest money paid−$0
Remaining funds due$49,534
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$799.97
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)$407.75
Prepaid interest, first (1 days)$12.67
Prepaid interest, second (1 days)$39.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 1 moOf the original 30-year loan at 2.890%
Interest already paid$29,588Through Nov 2026
Assumption only · ends Dec 2050$62,271
Assumption + second · ends Dec 2050, second Dec 2056$361,034
New conventional · ends Dec 2056$518,658