Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$938/mo
Lowest payment- Down payment
- $350,652
- Funds due
- $362,095
- Interest + MI left
- $51,346
- First ends
- Apr 2051
Assumption
Assumption + second
$3,095/mo
+$2,156/mo- Down payment
- $49,652
- Funds due
- $62,473
- Interest + MI left
- $526,651
- First ends
- Apr 2051
New loan
New conventional
$3,421/mo
+$2,482/mo- Down payment
- $49,652
- Funds due
- $59,271
- Interest + MI left
- $666,213
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $138,348 | $138,348 | $439,348 |
| Second mortgage | — | $301,000 | — |
| First P&I | $647.42 | $647.42 | $3,041.96 |
| Second P&I | — | $2,156.40 | — |
| Mortgage insurance | — | — | $87.87 |
| Taxes, insurance & HOA | $290.83 | $290.83 | $290.83 |
| Total housing payment | $938.25 | $3,094.65 | $3,420.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,652
Closing costs & prepaids$12,821
Usable credit−$0
Total buyer cash needed$62,473
Earnest money paid−$0
Remaining funds due$62,473
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,890.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$691.74
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)$372.50
Prepaid interest, first (2 days)$20.70
Prepaid interest, second (2 days)$127.82
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 2.730%
Interest already paid$22,725Through Nov 2026
Assumption only · ends Apr 2051$51,346
Assumption + second · ends Apr 2051, second Dec 2056$526,651
New conventional · ends Dec 2056$666,213