Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$966/mo
Lowest payment- Down payment
- $279,953
- Funds due
- $290,548
- Interest + MI left
- $59,784
- First ends
- Jul 2051
Assumption
Assumption + second
$2,663/mo
+$1,698/mo- Down payment
- $42,953
- Funds due
- $54,848
- Interest + MI left
- $434,027
- First ends
- Jul 2051
New loan
New conventional
$3,010/mo
+$2,045/mo- Down payment
- $42,953
- Funds due
- $51,647
- Interest + MI left
- $585,466
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $149,047 | $149,047 | $386,047 |
| Second mortgage | — | $237,000 | — |
| First P&I | $705.51 | $705.51 | $2,672.91 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | — | — | $77.21 |
| Taxes, insurance & HOA | $260.00 | $260.00 | $260.00 |
| Total housing payment | $965.51 | $2,663.41 | $3,010.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,953
Closing costs & prepaids$11,895
Usable credit−$0
Total buyer cash needed$54,848
Earnest money paid−$0
Remaining funds due$54,848
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$745.24
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)$330.00
Prepaid interest, first (1 days)$11.84
Prepaid interest, second (1 days)$50.32
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 8 moOf the original 30-year loan at 2.900%
Interest already paid$24,700Through Nov 2026
Assumption only · ends Jul 2051$59,784
Assumption + second · ends Jul 2051, second Dec 2056$434,027
New conventional · ends Dec 2056$585,466