Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,171/mo
Lowest payment- Down payment
- $250,870
- Funds due
- $261,843
- Interest + MI left
- $65,503
- First ends
- May 2051
Assumption
Assumption + second
$2,661/mo
+$1,490/mo- Down payment
- $42,870
- Funds due
- $55,137
- Interest + MI left
- $393,952
- First ends
- May 2051
New loan
New conventional
$3,081/mo
+$1,911/mo- Down payment
- $42,870
- Funds due
- $51,810
- Interest + MI left
- $581,042
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,130 | $175,130 | $383,130 |
| Second mortgage | — | $208,000 | — |
| First P&I | $818.48 | $818.48 | $2,652.71 |
| Second P&I | — | $1,490.14 | — |
| Mortgage insurance | — | — | $76.63 |
| Taxes, insurance & HOA | $352.08 | $352.08 | $352.08 |
| Total housing payment | $1,170.56 | $2,660.70 | $3,081.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,870
Closing costs & prepaids$12,267
Usable credit−$0
Total buyer cash needed$55,137
Earnest money paid−$0
Remaining funds due$55,137
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,260.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$875.65
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)$606.25
Prepaid interest, first (1 days)$13.15
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 6 moOf the original 30-year loan at 2.740%
Interest already paid$28,400Through Nov 2026
Assumption only · ends May 2051$65,503
Assumption + second · ends May 2051, second Dec 2056$393,952
New conventional · ends Dec 2056$581,042