Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$704/mo
Lowest payment- Down payment
- $229,186
- Funds due
- $238,503
- Interest + MI left
- $33,714
- First ends
- Apr 2051
Assumption
Assumption + second
$2,150/mo
+$1,446/mo- Down payment
- $32,186
- Funds due
- $43,142
- Interest + MI left
- $357,100
- First ends
- Apr 2051
New loan
New conventional
$2,285/mo
+$1,581/mo- Down payment
- $32,186
- Funds due
- $40,383
- Interest + MI left
- $420,832
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $90,814 | $90,814 | $287,814 |
| Second mortgage | — | $197,000 | — |
| First P&I | $426.47 | $426.47 | $1,949.75 |
| Second P&I | — | $1,445.52 | — |
| Mortgage insurance | — | — | $57.56 |
| Taxes, insurance & HOA | $278.00 | $278.00 | $278.00 |
| Total housing payment | $704.47 | $2,149.98 | $2,285.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,186
Closing costs & prepaids$10,956
Usable credit−$0
Total buyer cash needed$43,142
Earnest money paid−$0
Remaining funds due$43,142
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$454.07
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)$384.00
Prepaid interest, first (9 days)$61.36
Prepaid interest, second (9 days)$388.60
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$15,214Through Dec 2026
Assumption only · ends Apr 2051$33,714
Assumption + second · ends Apr 2051, second Jan 2057$357,100
New conventional · ends Jan 2057$420,832