Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,299/mo
Lowest payment- Down payment
- $281,356
- Funds due
- $293,327
- Interest + MI left
- $74,035
- First ends
- Feb 2051
Assumption
Assumption + second
$2,968/mo
+$1,669/mo- Down payment
- $48,356
- Funds due
- $62,022
- Interest + MI left
- $441,961
- First ends
- Feb 2051
New loan
New conventional
$3,368/mo
+$2,070/mo- Down payment
- $48,356
- Funds due
- $58,686
- Interest + MI left
- $630,989
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,544 | $198,544 | $431,544 |
| Second mortgage | — | $233,000 | — |
| First P&I | $939.93 | $939.93 | $2,923.43 |
| Second P&I | — | $1,669.24 | — |
| Mortgage insurance | — | — | $86.31 |
| Taxes, insurance & HOA | $358.67 | $358.67 | $358.67 |
| Total housing payment | $1,298.59 | $2,967.83 | $3,368.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,356
Closing costs & prepaids$13,667
Usable credit−$0
Total buyer cash needed$62,022
Earnest money paid−$0
Remaining funds due$62,022
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$992.72
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$576.00
Prepaid interest, first (9 days)$135.61
Prepaid interest, second (9 days)$445.25
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 2 moOf the original 30-year loan at 2.77%
Interest already paid$34,697Through Dec 2026
Assumption only · ends Feb 2051$74,035
Assumption + second · ends Feb 2051, second Jan 2057$441,961
New conventional · ends Jan 2057$630,989