Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,164/mo
Lowest payment- Down payment
- $191,969
- Funds due
- $202,429
- Interest + MI left
- $70,120
- First ends
- May 2051
Assumption
Assumption + second
$2,294/mo
+$1,130/mo- Down payment
- $37,969
- Funds due
- $49,983
- Interest + MI left
- $322,919
- First ends
- May 2051
New loan
New conventional
$2,651/mo
+$1,487/mo- Down payment
- $37,969
- Funds due
- $46,811
- Interest + MI left
- $492,795
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,031 | $183,031 | $337,031 |
| Second mortgage | — | $154,000 | — |
| First P&I | $864.00 | $864.00 | $2,283.17 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | — | — | $67.41 |
| Taxes, insurance & HOA | $300.00 | $300.00 | $300.00 |
| Total housing payment | $1,164.00 | $2,293.99 | $2,650.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,969
Closing costs & prepaids$12,014
Usable credit−$0
Total buyer cash needed$49,983
Earnest money paid−$0
Remaining funds due$49,983
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%)$915.15
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)$126.82
Prepaid interest, second (9 days)$303.78
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$30,918Through Dec 2026
Assumption only · ends May 2051$70,120
Assumption + second · ends May 2051, second Jan 2057$322,919
New conventional · ends Jan 2057$492,795