Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$620/mo
Lowest payment- Down payment
- $233,967
- Funds due
- $243,028
- Interest + MI left
- $33,922
- First ends
- Apr 2051
Assumption
Assumption + second
$2,060/mo
+$1,440/mo- Down payment
- $32,967
- Funds due
- $43,321
- Interest + MI left
- $351,318
- First ends
- Apr 2051
New loan
New conventional
$2,274/mo
+$1,654/mo- Down payment
- $32,967
- Funds due
- $40,503
- Interest + MI left
- $442,829
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $91,033 | $91,033 | $292,033 |
| Second mortgage | — | $201,000 | — |
| First P&I | $426.47 | $426.47 | $2,021.98 |
| Second P&I | — | $1,439.99 | — |
| Mortgage insurance | — | — | $58.41 |
| Taxes, insurance & HOA | $193.75 | $193.75 | $193.75 |
| Total housing payment | $620.22 | $2,060.21 | $2,274.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,967
Closing costs & prepaids$10,354
Usable credit−$0
Total buyer cash needed$43,321
Earnest money paid−$0
Remaining funds due$43,321
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%)$455.16
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)$131.25
Prepaid interest, first (1 days)$6.83
Prepaid interest, second (1 days)$42.68
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$15,006Through Nov 2026
Assumption only · ends Apr 2051$33,922
Assumption + second · ends Apr 2051, second Dec 2056$351,318
New conventional · ends Dec 2056$442,829