Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,136/mo
Lowest payment- Down payment
- $252,259
- Funds due
- $263,232
- Interest + MI left
- $64,462
- First ends
- Apr 2051
Assumption
Assumption + second
$2,633/mo
+$1,497/mo- Down payment
- $43,259
- Funds due
- $55,882
- Interest + MI left
- $394,491
- First ends
- Apr 2051
New loan
New conventional
$2,989/mo
+$1,853/mo- Down payment
- $43,259
- Funds due
- $52,699
- Interest + MI left
- $559,408
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,641 | $173,641 | $382,641 |
| Second mortgage | — | $209,000 | — |
| First P&I | $815.42 | $815.42 | $2,592.14 |
| Second P&I | — | $1,497.30 | — |
| Mortgage insurance | — | — | $76.53 |
| Taxes, insurance & HOA | $320.33 | $320.33 | $320.33 |
| Total housing payment | $1,135.76 | $2,633.06 | $2,989.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,259
Closing costs & prepaids$12,623
Usable credit−$0
Total buyer cash needed$55,882
Earnest money paid−$0
Remaining funds due$55,882
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,259.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$868.21
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)$511.00
Prepaid interest, first (9 days)$117.31
Prepaid interest, second (9 days)$399.39
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 4 moOf the original 30-year loan at 2.74%
Interest already paid$29,090Through Dec 2026
Assumption only · ends Apr 2051$64,462
Assumption + second · ends Apr 2051, second Jan 2057$394,491
New conventional · ends Jan 2057$559,408