Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,164/mo
Lowest payment- Down payment
- $292,981
- Funds due
- $304,486
- Interest + MI left
- $65,213
- First ends
- Jan 2051
Assumption
Assumption + second
$2,926/mo
+$1,762/mo- Down payment
- $46,981
- Funds due
- $59,789
- Interest + MI left
- $453,668
- First ends
- Jan 2051
New loan
New conventional
$3,305/mo
+$2,141/mo- Down payment
- $46,981
- Funds due
- $56,459
- Interest + MI left
- $626,137
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,919 | $166,919 | $412,919 |
| Second mortgage | — | $246,000 | — |
| First P&I | $800.45 | $800.45 | $2,858.97 |
| Second P&I | — | $1,762.37 | — |
| Mortgage insurance | — | — | $82.58 |
| Taxes, insurance & HOA | $363.42 | $363.42 | $363.42 |
| Total housing payment | $1,163.87 | $2,926.24 | $3,304.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,981
Closing costs & prepaids$12,807
Usable credit−$0
Total buyer cash needed$59,789
Earnest money paid−$0
Remaining funds due$59,789
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$834.59
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)$590.25
Prepaid interest, first (1 days)$13.22
Prepaid interest, second (1 days)$52.23
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 2.890%
Interest already paid$30,392Through Nov 2026
Assumption only · ends Jan 2051$65,213
Assumption + second · ends Jan 2051, second Dec 2056$453,668
New conventional · ends Dec 2056$626,137