Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,139/mo
Lowest payment- Down payment
- $251,288
- Funds due
- $262,269
- Interest + MI left
- $65,103
- First ends
- May 2051
Assumption
Assumption + second
$2,629/mo
+$1,490/mo- Down payment
- $43,288
- Funds due
- $55,916
- Interest + MI left
- $393,553
- First ends
- May 2051
New loan
New conventional
$2,990/mo
+$1,851/mo- Down payment
- $43,288
- Funds due
- $52,729
- Interest + MI left
- $559,512
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,712 | $174,712 | $382,712 |
| Second mortgage | — | $208,000 | — |
| First P&I | $818.48 | $818.48 | $2,592.62 |
| Second P&I | — | $1,490.14 | — |
| Mortgage insurance | — | — | $76.54 |
| Taxes, insurance & HOA | $320.42 | $320.42 | $320.42 |
| Total housing payment | $1,138.90 | $2,629.04 | $2,989.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,288
Closing costs & prepaids$12,628
Usable credit−$0
Total buyer cash needed$55,916
Earnest money paid−$0
Remaining funds due$55,916
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,260.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$873.56
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)$511.25
Prepaid interest, first (9 days)$118.04
Prepaid interest, second (9 days)$397.48
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5 moOf the original 30-year loan at 2.74%
Interest already paid$28,800Through Dec 2026
Assumption only · ends May 2051$65,103
Assumption + second · ends May 2051, second Jan 2057$393,553
New conventional · ends Jan 2057$559,512