Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,073/mo
Lowest payment- Down payment
- $284,563
- Funds due
- $295,710
- Interest + MI left
- $68,243
- First ends
- Dec 2050
Assumption
Assumption + second
$2,778/mo
+$1,705/mo- Down payment
- $46,563
- Funds due
- $59,010
- Interest + MI left
- $444,065
- First ends
- Dec 2050
New loan
New conventional
$3,174/mo
+$2,102/mo- Down payment
- $46,563
- Funds due
- $55,645
- Interest + MI left
- $626,771
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $175,337 | $175,337 | $413,337 |
| Second mortgage | — | $238,000 | — |
| First P&I | $842.84 | $842.84 | $2,861.86 |
| Second P&I | — | $1,705.06 | — |
| Mortgage insurance | — | — | $82.67 |
| Taxes, insurance & HOA | $229.83 | $229.83 | $229.83 |
| Total housing payment | $1,072.67 | $2,777.73 | $3,174.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,563
Closing costs & prepaids$12,448
Usable credit−$0
Total buyer cash needed$59,010
Earnest money paid−$0
Remaining funds due$59,010
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$876.69
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$189.50
Prepaid interest, first (1 days)$13.88
Prepaid interest, second (1 days)$50.53
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 1 moOf the original 30-year loan at 2.890%
Interest already paid$32,425Through Nov 2026
Assumption only · ends Dec 2050$68,243
Assumption + second · ends Dec 2050, second Dec 2056$444,065
New conventional · ends Dec 2056$626,771