Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$979/mo
Lowest payment- Down payment
- $224,661
- Funds due
- $234,847
- Interest + MI left
- $54,158
- First ends
- May 2051
Assumption
Assumption + second
$2,351/mo
+$1,372/mo- Down payment
- $37,661
- Funds due
- $49,466
- Interest + MI left
- $361,128
- First ends
- May 2051
New loan
New conventional
$2,616/mo
+$1,637/mo- Down payment
- $37,661
- Funds due
- $46,442
- Interest + MI left
- $485,868
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,339 | $145,339 | $332,339 |
| Second mortgage | — | $187,000 | — |
| First P&I | $680.88 | $680.88 | $2,251.38 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | — | — | $66.47 |
| Taxes, insurance & HOA | $298.00 | $298.00 | $298.00 |
| Total housing payment | $978.88 | $2,351.02 | $2,615.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,661
Closing costs & prepaids$11,806
Usable credit−$0
Total buyer cash needed$49,466
Earnest money paid−$0
Remaining funds due$49,466
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$726.70
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)$444.00
Prepaid interest, first (9 days)$98.19
Prepaid interest, second (9 days)$368.88
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 2.74%
Interest already paid$23,958Through Dec 2026
Assumption only · ends May 2051$54,158
Assumption + second · ends May 2051, second Jan 2057$361,128
New conventional · ends Jan 2057$485,868