Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,376/mo
Lowest payment- Down payment
- $233,145
- Funds due
- $244,563
- Interest + MI left
- $70,389
- First ends
- Feb 2051
Assumption
Assumption + second
$2,771/mo
+$1,394/mo- Down payment
- $43,145
- Funds due
- $55,854
- Interest + MI left
- $382,284
- First ends
- Feb 2051
New loan
New conventional
$3,196/mo
+$1,819/mo- Down payment
- $43,145
- Funds due
- $52,442
- Interest + MI left
- $579,032
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,855 | $191,855 | $381,855 |
| Second mortgage | — | $190,000 | — |
| First P&I | $901.18 | $901.18 | $2,643.89 |
| Second P&I | — | $1,394.15 | — |
| Mortgage insurance | — | — | $76.37 |
| Taxes, insurance & HOA | $475.25 | $475.25 | $475.25 |
| Total housing payment | $1,376.43 | $2,770.58 | $3,195.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,145
Closing costs & prepaids$12,709
Usable credit−$0
Total buyer cash needed$55,854
Earnest money paid−$0
Remaining funds due$55,854
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$959.27
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)$975.75
Prepaid interest, first (1 days)$14.30
Prepaid interest, second (1 days)$41.64
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 3 moOf the original 30-year loan at 2.720%
Interest already paid$32,427Through Nov 2026
Assumption only · ends Feb 2051$70,389
Assumption + second · ends Feb 2051, second Dec 2056$382,284
New conventional · ends Dec 2056$579,032