Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,262/mo
Lowest payment- Down payment
- $280,500
- Funds due
- $292,388
- Interest + MI left
- $69,899
- First ends
- Apr 2051
Assumption
Assumption + second
$2,924/mo
+$1,662/mo- Down payment
- $48,500
- Funds due
- $62,081
- Interest + MI left
- $436,246
- First ends
- Apr 2051
New loan
New conventional
$3,331/mo
+$2,069/mo- Down payment
- $48,500
- Funds due
- $58,765
- Interest + MI left
- $623,528
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $194,500 | $194,500 | $426,500 |
| Second mortgage | — | $232,000 | — |
| First P&I | $905.48 | $905.48 | $2,889.26 |
| Second P&I | — | $1,662.08 | — |
| Mortgage insurance | — | — | $85.30 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $1,262.14 | $2,924.22 | $3,331.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,500
Closing costs & prepaids$13,581
Usable credit−$0
Total buyer cash needed$62,081
Earnest money paid−$0
Remaining funds due$62,081
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$972.50
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)$570.00
Prepaid interest, first (9 days)$127.57
Prepaid interest, second (9 days)$443.34
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 2.66%
Interest already paid$31,662Through Dec 2026
Assumption only · ends Apr 2051$69,899
Assumption + second · ends Apr 2051, second Jan 2057$436,246
New conventional · ends Jan 2057$623,528