Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,144/mo
Lowest payment- Down payment
- $190,224
- Funds due
- $200,501
- Interest + MI left
- $71,053
- First ends
- May 2051
Assumption
Assumption + second
$2,259/mo
+$1,115/mo- Down payment
- $38,224
- Funds due
- $49,785
- Interest + MI left
- $320,569
- First ends
- May 2051
New loan
New conventional
$2,673/mo
+$1,529/mo- Down payment
- $38,224
- Funds due
- $46,456
- Interest + MI left
- $510,676
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,776 | $184,776 | $336,776 |
| Second mortgage | — | $152,000 | — |
| First P&I | $870.17 | $870.17 | $2,331.77 |
| Second P&I | — | $1,115.32 | — |
| Mortgage insurance | — | — | $67.36 |
| Taxes, insurance & HOA | $273.58 | $273.58 | $273.58 |
| Total housing payment | $1,143.75 | $2,259.07 | $2,672.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,224
Closing costs & prepaids$11,560
Usable credit−$0
Total buyer cash needed$49,785
Earnest money paid−$0
Remaining funds due$49,785
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$923.88
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)$370.75
Prepaid interest, first (1 days)$14.23
Prepaid interest, second (1 days)$33.32
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 6 moOf the original 30-year loan at 2.810%
Interest already paid$30,707Through Nov 2026
Assumption only · ends May 2051$71,053
Assumption + second · ends May 2051, second Dec 2056$320,569
New conventional · ends Dec 2056$510,676