Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$852/mo
Lowest payment- Down payment
- $198,745
- Funds due
- $208,132
- Interest + MI left
- $54,130
- First ends
- Jul 2051
Assumption
Assumption + second
$2,070/mo
+$1,218/mo- Down payment
- $32,745
- Funds due
- $43,418
- Interest + MI left
- $326,627
- First ends
- Jul 2051
New loan
New conventional
$2,324/mo
+$1,473/mo- Down payment
- $32,745
- Funds due
- $40,429
- Interest + MI left
- $443,224
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $126,255 | $126,255 | $292,255 |
| Second mortgage | — | $166,000 | — |
| First P&I | $609.41 | $609.41 | $2,023.51 |
| Second P&I | — | $1,218.05 | — |
| Mortgage insurance | — | — | $58.45 |
| Taxes, insurance & HOA | $242.42 | $242.42 | $242.42 |
| Total housing payment | $851.83 | $2,069.87 | $2,324.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,745
Closing costs & prepaids$10,674
Usable credit−$0
Total buyer cash needed$43,418
Earnest money paid−$0
Remaining funds due$43,418
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$631.28
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)$277.25
Prepaid interest, first (1 days)$10.65
Prepaid interest, second (1 days)$36.38
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 8 moOf the original 30-year loan at 3.080%
Interest already paid$22,180Through Nov 2026
Assumption only · ends Jul 2051$54,130
Assumption + second · ends Jul 2051, second Dec 2056$326,627
New conventional · ends Dec 2056$443,224