Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,213/mo
Lowest payment- Down payment
- $275,427
- Funds due
- $287,001
- Interest + MI left
- $83,583
- First ends
- Dec 2051
Assumption
Assumption + second
$2,839/mo
+$1,626/mo- Down payment
- $48,427
- Funds due
- $61,299
- Interest + MI left
- $442,035
- First ends
- Dec 2051
New loan
New conventional
$3,330/mo
+$2,117/mo- Down payment
- $48,427
- Funds due
- $57,772
- Interest + MI left
- $654,509
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,573 | $204,573 | $431,573 |
| Second mortgage | — | $227,000 | — |
| First P&I | $957.33 | $957.33 | $2,988.12 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | — | — | $86.31 |
| Taxes, insurance & HOA | $255.58 | $255.58 | $255.58 |
| Total housing payment | $1,212.91 | $2,839.17 | $3,330.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,427
Closing costs & prepaids$12,872
Usable credit−$0
Total buyer cash needed$61,299
Earnest money paid−$0
Remaining funds due$61,299
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,022.86
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)$266.75
Prepaid interest, first (1 days)$16.25
Prepaid interest, second (1 days)$48.20
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$31,055Through Nov 2026
Assumption only · ends Dec 2051$83,583
Assumption + second · ends Dec 2051, second Dec 2056$442,035
New conventional · ends Dec 2056$654,509