Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$972/mo
Lowest payment- Down payment
- $279,041
- Funds due
- $289,644
- Interest + MI left
- $70,624
- First ends
- Jul 2051
Assumption
Assumption + second
$2,648/mo
+$1,676/mo- Down payment
- $45,041
- Funds due
- $56,943
- Interest + MI left
- $440,130
- First ends
- Jul 2051
New loan
New conventional
$3,040/mo
+$2,068/mo- Down payment
- $45,041
- Funds due
- $53,614
- Interest + MI left
- $613,996
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,859 | $170,859 | $404,859 |
| Second mortgage | — | $234,000 | — |
| First P&I | $815.82 | $815.82 | $2,803.16 |
| Second P&I | — | $1,676.40 | — |
| Mortgage insurance | — | — | $80.97 |
| Taxes, insurance & HOA | $155.83 | $155.83 | $155.83 |
| Total housing payment | $971.65 | $2,648.06 | $3,039.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,041
Closing costs & prepaids$11,902
Usable credit−$0
Total buyer cash needed$56,943
Earnest money paid−$0
Remaining funds due$56,943
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$854.29
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)$17.50
Prepaid interest, first (1 days)$13.95
Prepaid interest, second (1 days)$49.68
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 8 moOf the original 30-year loan at 2.980%
Interest already paid$29,071Through Nov 2026
Assumption only · ends Jul 2051$70,624
Assumption + second · ends Jul 2051, second Dec 2056$440,130
New conventional · ends Dec 2056$613,996