Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,555/mo
Lowest payment- Down payment
- $219,790
- Funds due
- $231,658
- Interest + MI left
- $93,650
- First ends
- Dec 2051
Assumption
Assumption + second
$2,831/mo
+$1,277/mo- Down payment
- $45,790
- Funds due
- $58,946
- Interest + MI left
- $379,280
- First ends
- Dec 2051
New loan
New conventional
$3,354/mo
+$1,800/mo- Down payment
- $45,790
- Funds due
- $55,325
- Interest + MI left
- $611,414
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,210 | $229,210 | $403,210 |
| Second mortgage | — | $174,000 | — |
| First P&I | $1,072.62 | $1,072.62 | $2,791.74 |
| Second P&I | — | $1,276.75 | — |
| Mortgage insurance | — | — | $80.64 |
| Taxes, insurance & HOA | $481.92 | $481.92 | $481.92 |
| Total housing payment | $1,554.54 | $2,831.29 | $3,354.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,790
Closing costs & prepaids$13,156
Usable credit−$0
Total buyer cash needed$58,946
Earnest money paid−$0
Remaining funds due$58,946
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,146.05
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)$995.75
Prepaid interest, first (1 days)$18.21
Prepaid interest, second (1 days)$38.14
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 closing25 yr 1 moOf the original 30-year loan at 2.900%
Interest already paid$34,795Through Nov 2026
Assumption only · ends Dec 2051$93,650
Assumption + second · ends Dec 2051, second Dec 2056$379,280
New conventional · ends Dec 2056$611,414