Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,155/mo
Lowest payment- Down payment
- $189,728
- Funds due
- $200,067
- Interest + MI left
- $70,827
- First ends
- Apr 2051
Assumption
Assumption + second
$2,263/mo
+$1,108/mo- Down payment
- $38,728
- Funds due
- $50,383
- Interest + MI left
- $318,701
- First ends
- Apr 2051
New loan
New conventional
$2,694/mo
+$1,539/mo- Down payment
- $38,728
- Funds due
- $47,046
- Interest + MI left
- $517,190
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,072 | $190,072 | $341,072 |
| Second mortgage | — | $151,000 | — |
| First P&I | $890.44 | $890.44 | $2,361.51 |
| Second P&I | — | $1,107.98 | — |
| Mortgage insurance | — | — | $68.21 |
| Taxes, insurance & HOA | $264.67 | $264.67 | $264.67 |
| Total housing payment | $1,155.10 | $2,263.09 | $2,694.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,728
Closing costs & prepaids$11,655
Usable credit−$0
Total buyer cash needed$50,383
Earnest money paid−$0
Remaining funds due$50,383
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,798.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$950.36
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)$344.00
Prepaid interest, first (2 days)$28.54
Prepaid interest, second (2 days)$66.19
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 2.740%
Interest already paid$31,332Through Nov 2026
Assumption only · ends Apr 2051$70,827
Assumption + second · ends Apr 2051, second Dec 2056$318,701
New conventional · ends Dec 2056$517,190