Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$650/mo
Lowest payment- Down payment
- $251,640
- Funds due
- $261,000
- Interest + MI left
- $31,263
- First ends
- Oct 2051
Assumption
Assumption + second
$2,211/mo
+$1,562/mo- Down payment
- $33,640
- Funds due
- $44,666
- Interest + MI left
- $375,504
- First ends
- Oct 2051
New loan
New conventional
$2,348/mo
+$1,699/mo- Down payment
- $33,640
- Funds due
- $41,948
- Interest + MI left
- $433,122
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $78,260 | $78,260 | $296,260 |
| Second mortgage | — | $218,000 | — |
| First P&I | $367.53 | $367.53 | $2,006.97 |
| Second P&I | — | $1,561.78 | — |
| Mortgage insurance | — | — | $59.25 |
| Taxes, insurance & HOA | $282.00 | $282.00 | $282.00 |
| Total housing payment | $649.53 | $2,211.31 | $2,348.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,640
Closing costs & prepaids$11,026
Usable credit−$0
Total buyer cash needed$44,666
Earnest money paid−$0
Remaining funds due$44,666
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$391.30
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)$396.00
Prepaid interest, first (9 days)$55.38
Prepaid interest, second (9 days)$416.59
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 10 moOf the original 30-year loan at 2.87%
Interest already paid$12,406Through Dec 2026
Assumption only · ends Oct 2051$31,263
Assumption + second · ends Oct 2051, second Jan 2057$375,504
New conventional · ends Jan 2057$433,122