Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,011/mo
Lowest payment- Down payment
- $243,190
- Funds due
- $253,579
- Interest + MI left
- $51,173
- First ends
- Mar 2051
Assumption
Assumption + second
$2,473/mo
+$1,461/mo- Down payment
- $39,190
- Funds due
- $50,872
- Interest + MI left
- $373,306
- First ends
- Mar 2051
New loan
New conventional
$2,814/mo
+$1,803/mo- Down payment
- $39,190
- Funds due
- $47,744
- Interest + MI left
- $524,375
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,810 | $141,810 | $345,810 |
| Second mortgage | — | $204,000 | — |
| First P&I | $660.90 | $660.90 | $2,394.32 |
| Second P&I | — | $1,461.48 | — |
| Mortgage insurance | — | — | $69.16 |
| Taxes, insurance & HOA | $350.25 | $350.25 | $350.25 |
| Total housing payment | $1,011.14 | $2,472.63 | $2,813.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,190
Closing costs & prepaids$11,681
Usable credit−$0
Total buyer cash needed$50,872
Earnest money paid−$0
Remaining funds due$50,872
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$709.05
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)$404.75
Initial HOA (3 months)$195.99
Prepaid interest, first (1 days)$10.37
Prepaid interest, second (1 days)$43.32
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 4 moOf the original 30-year loan at 2.670%
Interest already paid$23,169Through Nov 2026
Assumption only · ends Mar 2051$51,173
Assumption + second · ends Mar 2051, second Dec 2056$373,306
New conventional · ends Dec 2056$524,375