Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,161/mo
Lowest payment- Down payment
- $208,339
- Funds due
- $219,089
- Interest + MI left
- $66,295
- First ends
- Jan 2052
Assumption
Assumption + second
$2,394/mo
+$1,233/mo- Down payment
- $40,339
- Funds due
- $52,670
- Interest + MI left
- $342,075
- First ends
- Jan 2052
New loan
New conventional
$2,807/mo
+$1,646/mo- Down payment
- $40,339
- Funds due
- $49,458
- Interest + MI left
- $523,691
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,161 | $190,161 | $358,161 |
| Second mortgage | — | $168,000 | — |
| First P&I | $852.01 | $852.01 | $2,426.31 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | — | — | $71.63 |
| Taxes, insurance & HOA | $309.42 | $309.42 | $309.42 |
| Total housing payment | $1,161.43 | $2,394.15 | $2,807.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,339
Closing costs & prepaids$12,331
Usable credit−$0
Total buyer cash needed$52,670
Earnest money paid−$0
Remaining funds due$52,670
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,985.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$950.81
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)$478.25
Prepaid interest, first (9 days)$117.69
Prepaid interest, second (9 days)$331.40
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 closing25 yr 1 moOf the original 30-year loan at 2.51%
Interest already paid$25,080Through Dec 2026
Assumption only · ends Jan 2052$66,295
Assumption + second · ends Jan 2052, second Jan 2057$342,075
New conventional · ends Jan 2057$523,691