Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,130/mo
Lowest payment- Down payment
- $252,743
- Funds due
- $263,538
- Interest + MI left
- $74,272
- First ends
- Dec 2050
Assumption
Assumption + second
$2,620/mo
+$1,490/mo- Down payment
- $44,743
- Funds due
- $56,832
- Interest + MI left
- $402,722
- First ends
- Dec 2050
New loan
New conventional
$3,041/mo
+$1,911/mo- Down payment
- $44,743
- Funds due
- $53,426
- Interest + MI left
- $599,355
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $187,257 | $187,257 | $395,257 |
| Second mortgage | — | $208,000 | — |
| First P&I | $904.95 | $904.95 | $2,736.68 |
| Second P&I | — | $1,490.14 | — |
| Mortgage insurance | — | — | $79.05 |
| Taxes, insurance & HOA | $225.08 | $225.08 | $225.08 |
| Total housing payment | $1,130.03 | $2,620.17 | $3,040.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,743
Closing costs & prepaids$12,089
Usable credit−$0
Total buyer cash needed$56,832
Earnest money paid−$0
Remaining funds due$56,832
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$936.28
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)$225.25
Prepaid interest, first (1 days)$15.08
Prepaid interest, second (1 days)$44.16
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 2.940%
Interest already paid$35,208Through Nov 2026
Assumption only · ends Dec 2050$74,272
Assumption + second · ends Dec 2050, second Dec 2056$402,722
New conventional · ends Dec 2056$599,355