Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$899/mo
Lowest payment- Down payment
- $233,672
- Funds due
- $243,628
- Interest + MI left
- $50,999
- First ends
- Mar 2051
Assumption
Assumption + second
$2,337/mo
+$1,438/mo- Down payment
- $37,672
- Funds due
- $48,921
- Interest + MI left
- $372,743
- First ends
- Mar 2051
New loan
New conventional
$2,643/mo
+$1,744/mo- Down payment
- $37,672
- Funds due
- $45,810
- Interest + MI left
- $511,581
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $141,328 | $141,328 | $337,328 |
| Second mortgage | — | $196,000 | — |
| First P&I | $658.66 | $658.66 | $2,335.59 |
| Second P&I | — | $1,438.18 | — |
| Mortgage insurance | — | — | $67.47 |
| Taxes, insurance & HOA | $240.33 | $240.33 | $240.33 |
| Total housing payment | $898.99 | $2,337.16 | $2,643.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,672
Closing costs & prepaids$11,249
Usable credit−$0
Total buyer cash needed$48,921
Earnest money paid−$0
Remaining funds due$48,921
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$706.64
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)$171.00
Initial HOA (3 months)$99.99
Prepaid interest, first (1 days)$10.34
Prepaid interest, second (1 days)$42.96
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 4 moOf the original 30-year loan at 2.670%
Interest already paid$23,090Through Nov 2026
Assumption only · ends Mar 2051$50,999
Assumption + second · ends Mar 2051, second Dec 2056$372,743
New conventional · ends Dec 2056$511,581