Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,486/mo
Lowest payment- Down payment
- $249,011
- Funds due
- $260,940
- Interest + MI left
- $81,518
- First ends
- Oct 2051
Assumption
Assumption + second
$2,948/mo
+$1,461/mo- Down payment
- $45,011
- Funds due
- $58,277
- Interest + MI left
- $403,651
- First ends
- Oct 2051
New loan
New conventional
$3,427/mo
+$1,940/mo- Down payment
- $45,011
- Funds due
- $54,825
- Interest + MI left
- $614,193
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,989 | $200,989 | $404,989 |
| Second mortgage | — | $204,000 | — |
| First P&I | $944.84 | $944.84 | $2,804.06 |
| Second P&I | — | $1,461.48 | — |
| Mortgage insurance | — | — | $81.00 |
| Taxes, insurance & HOA | $541.58 | $541.58 | $541.58 |
| Total housing payment | $1,486.43 | $2,947.91 | $3,426.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,011
Closing costs & prepaids$13,266
Usable credit−$0
Total buyer cash needed$58,277
Earnest money paid−$0
Remaining funds due$58,277
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,004.95
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)$1,174.75
Prepaid interest, first (2 days)$31.94
Prepaid interest, second (2 days)$86.63
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 11 moOf the original 30-year loan at 2.900%
Interest already paid$31,625Through Nov 2026
Assumption only · ends Oct 2051$81,518
Assumption + second · ends Oct 2051, second Dec 2056$403,651
New conventional · ends Dec 2056$614,193