Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,942/mo
Lowest payment- Down payment
- $220,857
- Funds due
- $233,818
- Interest + MI left
- $74,300
- First ends
- Jan 2051
Assumption
Assumption + second
$3,255/mo
+$1,313/mo- Down payment
- $41,857
- Funds due
- $56,108
- Interest + MI left
- $368,138
- First ends
- Jan 2051
New loan
New conventional
$3,682/mo
+$1,740/mo- Down payment
- $41,857
- Funds due
- $52,687
- Interest + MI left
- $568,930
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,143 | $196,143 | $375,143 |
| Second mortgage | — | $179,000 | — |
| First P&I | $932.56 | $932.56 | $2,597.41 |
| Second P&I | — | $1,313.44 | — |
| Mortgage insurance | — | — | $75.03 |
| Taxes, insurance & HOA | $1,009.25 | $1,009.25 | $1,009.25 |
| Total housing payment | $1,941.81 | $3,255.25 | $3,681.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,857
Closing costs & prepaids$14,251
Usable credit−$0
Total buyer cash needed$56,108
Earnest money paid−$0
Remaining funds due$56,108
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,170.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$980.72
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)$2,577.75
Prepaid interest, first (1 days)$15.10
Prepaid interest, second (1 days)$39.23
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 2 moOf the original 30-year loan at 2.810%
Interest already paid$34,757Through Nov 2026
Assumption only · ends Jan 2051$74,300
Assumption + second · ends Jan 2051, second Dec 2056$368,138
New conventional · ends Dec 2056$568,930