Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,012/mo
Lowest payment- Down payment
- $224,143
- Funds due
- $234,419
- Interest + MI left
- $57,794
- First ends
- May 2051
Assumption
Assumption + second
$2,377/mo
+$1,365/mo- Down payment
- $38,143
- Funds due
- $50,036
- Interest + MI left
- $363,123
- First ends
- May 2051
New loan
New conventional
$2,649/mo
+$1,637/mo- Down payment
- $38,143
- Funds due
- $46,983
- Interest + MI left
- $492,473
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $150,857 | $150,857 | $336,857 |
| Second mortgage | — | $186,000 | — |
| First P&I | $712.12 | $712.12 | $2,281.99 |
| Second P&I | — | $1,364.80 | — |
| Mortgage insurance | — | — | $67.37 |
| Taxes, insurance & HOA | $300.00 | $300.00 | $300.00 |
| Total housing payment | $1,012.12 | $2,376.92 | $2,649.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,143
Closing costs & prepaids$11,894
Usable credit−$0
Total buyer cash needed$50,036
Earnest money paid−$0
Remaining funds due$50,036
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%)$754.29
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)$450.00
Prepaid interest, first (9 days)$104.53
Prepaid interest, second (9 days)$366.90
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 2.81%
Interest already paid$25,484Through Dec 2026
Assumption only · ends May 2051$57,794
Assumption + second · ends May 2051, second Jan 2057$363,123
New conventional · ends Jan 2057$492,473