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
- $285,186
- Funds due
- $296,799
- Interest + MI left
- $72,855
- First ends
- Dec 2050
Assumption
Assumption + second
$2,911/mo
+$1,698/mo- Down payment
- $48,186
- Funds due
- $61,099
- Interest + MI left
- $447,098
- First ends
- Dec 2050
New loan
New conventional
$3,359/mo
+$2,146/mo- Down payment
- $48,186
- Funds due
- $57,627
- Interest + MI left
- $653,358
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,814 | $193,814 | $430,814 |
| Second mortgage | — | $237,000 | — |
| First P&I | $922.73 | $922.73 | $2,982.87 |
| Second P&I | — | $1,697.90 | — |
| Mortgage insurance | — | — | $86.16 |
| Taxes, insurance & HOA | $290.33 | $290.33 | $290.33 |
| Total housing payment | $1,213.06 | $2,910.96 | $3,359.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,186
Closing costs & prepaids$12,913
Usable credit−$0
Total buyer cash needed$61,099
Earnest money paid−$0
Remaining funds due$61,099
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$969.07
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)$371.00
Prepaid interest, first (1 days)$14.87
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 1 moOf the original 30-year loan at 2.800%
Interest already paid$34,762Through Nov 2026
Assumption only · ends Dec 2050$72,855
Assumption + second · ends Dec 2050, second Dec 2056$447,098
New conventional · ends Dec 2056$653,358