Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,130/mo
Lowest payment- Down payment
- $225,174
- Funds due
- $235,849
- Interest + MI left
- $65,826
- First ends
- Apr 2051
Assumption
Assumption + second
$2,488/mo
+$1,357/mo- Down payment
- $40,174
- Funds due
- $52,464
- Interest + MI left
- $369,513
- First ends
- Apr 2051
New loan
New conventional
$2,812/mo
+$1,682/mo- Down payment
- $40,174
- Funds due
- $49,301
- Interest + MI left
- $524,663
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,826 | $173,826 | $358,826 |
| Second mortgage | — | $185,000 | — |
| First P&I | $820.73 | $820.73 | $2,430.81 |
| Second P&I | — | $1,357.46 | — |
| Mortgage insurance | — | — | $71.77 |
| Taxes, insurance & HOA | $309.58 | $309.58 | $309.58 |
| Total housing payment | $1,130.31 | $2,487.77 | $2,812.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,174
Closing costs & prepaids$12,290
Usable credit−$0
Total buyer cash needed$52,464
Earnest money paid−$0
Remaining funds due$52,464
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$869.13
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)$478.75
Prepaid interest, first (9 days)$119.58
Prepaid interest, second (9 days)$364.93
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 2.79%
Interest already paid$29,636Through Dec 2026
Assumption only · ends Apr 2051$65,826
Assumption + second · ends Apr 2051, second Jan 2057$369,513
New conventional · ends Jan 2057$524,663