Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,233/mo
Lowest payment- Down payment
- $163,350
- Funds due
- $173,596
- Interest + MI left
- $80,917
- First ends
- Feb 2051
Assumption
Assumption + second
$2,157/mo
+$925/mo- Down payment
- $37,350
- Funds due
- $48,873
- Interest + MI left
- $287,753
- First ends
- Feb 2051
New loan
New conventional
$2,610/mo
+$1,377/mo- Down payment
- $37,350
- Funds due
- $45,453
- Interest + MI left
- $502,752
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,550 | $205,550 | $331,550 |
| Second mortgage | — | $126,000 | — |
| First P&I | $984.43 | $984.43 | $2,295.59 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | — | — | $66.31 |
| Taxes, insurance & HOA | $248.33 | $248.33 | $248.33 |
| Total housing payment | $1,232.76 | $2,157.30 | $2,610.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,350
Closing costs & prepaids$11,524
Usable credit−$0
Total buyer cash needed$48,873
Earnest money paid−$0
Remaining funds due$48,873
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,689.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,027.75
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)$295.00
Prepaid interest, first (1 days)$16.33
Prepaid interest, second (1 days)$27.62
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 2.900%
Interest already paid$36,966Through Nov 2026
Assumption only · ends Feb 2051$80,917
Assumption + second · ends Feb 2051, second Dec 2056$287,753
New conventional · ends Dec 2056$502,752