Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$977/mo
Lowest payment- Down payment
- $223,785
- Funds due
- $233,865
- Interest + MI left
- $58,148
- First ends
- May 2051
Assumption
Assumption + second
$2,342/mo
+$1,365/mo- Down payment
- $37,785
- Funds due
- $49,156
- Interest + MI left
- $363,477
- First ends
- May 2051
New loan
New conventional
$2,667/mo
+$1,690/mo- Down payment
- $37,785
- Funds due
- $45,995
- Interest + MI left
- $511,409
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $151,215 | $151,215 | $337,215 |
| Second mortgage | — | $186,000 | — |
| First P&I | $712.12 | $712.12 | $2,334.81 |
| Second P&I | — | $1,364.80 | — |
| Mortgage insurance | — | — | $67.44 |
| Taxes, insurance & HOA | $264.92 | $264.92 | $264.92 |
| Total housing payment | $977.04 | $2,341.84 | $2,667.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,785
Closing costs & prepaids$11,371
Usable credit−$0
Total buyer cash needed$49,156
Earnest money paid−$0
Remaining funds due$49,156
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$756.08
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)$344.75
Prepaid interest, first (1 days)$11.64
Prepaid interest, second (1 days)$40.77
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 6 moOf the original 30-year loan at 2.810%
Interest already paid$25,129Through Nov 2026
Assumption only · ends May 2051$58,148
Assumption + second · ends May 2051, second Dec 2056$363,477
New conventional · ends Dec 2056$511,409