Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,217/mo
Lowest payment- Down payment
- $280,875
- Funds due
- $292,485
- Interest + MI left
- $74,494
- First ends
- Feb 2051
Assumption
Assumption + second
$2,880/mo
+$1,662/mo- Down payment
- $48,875
- Funds due
- $61,784
- Interest + MI left
- $440,842
- First ends
- Feb 2051
New loan
New conventional
$3,348/mo
+$2,131/mo- Down payment
- $48,875
- Funds due
- $58,280
- Interest + MI left
- $653,592
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,025 | $199,025 | $431,025 |
| Second mortgage | — | $232,000 | — |
| First P&I | $939.93 | $939.93 | $2,984.33 |
| Second P&I | — | $1,662.08 | — |
| Mortgage insurance | — | — | $86.21 |
| Taxes, insurance & HOA | $277.50 | $277.50 | $277.50 |
| Total housing payment | $1,217.43 | $2,879.50 | $3,348.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,875
Closing costs & prepaids$12,909
Usable credit−$0
Total buyer cash needed$61,784
Earnest money paid−$0
Remaining funds due$61,784
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$995.12
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)$332.50
Prepaid interest, first (1 days)$15.10
Prepaid interest, second (1 days)$49.26
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 3 moOf the original 30-year loan at 2.770%
Interest already paid$34,238Through Nov 2026
Assumption only · ends Feb 2051$74,494
Assumption + second · ends Feb 2051, second Dec 2056$440,842
New conventional · ends Dec 2056$653,592