Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$721/mo
Lowest payment- Down payment
- $185,895
- Funds due
- $194,796
- Interest + MI left
- $38,195
- First ends
- Feb 2051
Assumption
Assumption + second
$1,866/mo
+$1,145/mo- Down payment
- $29,895
- Funds due
- $40,114
- Interest + MI left
- $294,277
- First ends
- Feb 2051
New loan
New conventional
$2,085/mo
+$1,364/mo- Down payment
- $29,895
- Funds due
- $37,273
- Interest + MI left
- $394,363
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $104,105 | $104,105 | $260,105 |
| Second mortgage | — | $156,000 | — |
| First P&I | $489.00 | $489.00 | $1,800.91 |
| Second P&I | — | $1,144.67 | — |
| Mortgage insurance | — | — | $52.02 |
| Taxes, insurance & HOA | $232.17 | $232.17 | $232.17 |
| Total housing payment | $721.17 | $1,865.84 | $2,085.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,895
Closing costs & prepaids$10,219
Usable credit−$0
Total buyer cash needed$40,114
Earnest money paid−$0
Remaining funds due$40,114
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$520.52
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)$246.50
Prepaid interest, first (2 days)$15.52
Prepaid interest, second (2 days)$68.38
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 3 moOf the original 30-year loan at 2.720%
Interest already paid$17,596Through Nov 2026
Assumption only · ends Feb 2051$38,195
Assumption + second · ends Feb 2051, second Dec 2056$294,277
New conventional · ends Dec 2056$394,363