Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,054/mo
Lowest payment- Down payment
- $251,841
- Funds due
- $262,467
- Interest + MI left
- $64,860
- First ends
- Apr 2051
Assumption
Assumption + second
$2,551/mo
+$1,497/mo- Down payment
- $42,841
- Funds due
- $54,762
- Interest + MI left
- $394,888
- First ends
- Apr 2051
New loan
New conventional
$2,968/mo
+$1,913/mo- Down payment
- $42,841
- Funds due
- $51,441
- Interest + MI left
- $580,935
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,059 | $174,059 | $383,059 |
| Second mortgage | — | $209,000 | — |
| First P&I | $815.42 | $815.42 | $2,652.22 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | — | — | $76.61 |
| Taxes, insurance & HOA | $238.75 | $238.75 | $238.75 |
| Total housing payment | $1,054.17 | $2,551.47 | $2,967.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,841
Closing costs & prepaids$11,921
Usable credit−$0
Total buyer cash needed$54,762
Earnest money paid−$0
Remaining funds due$54,762
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,259.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$870.30
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)$266.25
Prepaid interest, first (1 days)$13.07
Prepaid interest, second (1 days)$44.38
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 5 moOf the original 30-year loan at 2.740%
Interest already paid$28,693Through Nov 2026
Assumption only · ends Apr 2051$64,860
Assumption + second · ends Apr 2051, second Dec 2056$394,888
New conventional · ends Dec 2056$580,935