Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,124/mo
Lowest payment- Down payment
- $191,535
- Funds due
- $201,766
- Interest + MI left
- $70,549
- First ends
- May 2051
Assumption
Assumption + second
$2,254/mo
+$1,130/mo- Down payment
- $37,535
- Funds due
- $49,050
- Interest + MI left
- $323,349
- First ends
- May 2051
New loan
New conventional
$2,665/mo
+$1,540/mo- Down payment
- $37,535
- Funds due
- $45,735
- Interest + MI left
- $511,788
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $183,465 | $183,465 | $337,465 |
| Second mortgage | — | $154,000 | — |
| First P&I | $864.00 | $864.00 | $2,336.54 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | — | — | $67.49 |
| Taxes, insurance & HOA | $260.50 | $260.50 | $260.50 |
| Total housing payment | $1,124.50 | $2,254.49 | $2,664.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,535
Closing costs & prepaids$11,515
Usable credit−$0
Total buyer cash needed$49,050
Earnest money paid−$0
Remaining funds due$49,050
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%)$917.33
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)$331.50
Prepaid interest, first (1 days)$14.12
Prepaid interest, second (1 days)$33.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 2.810%
Interest already paid$30,489Through Nov 2026
Assumption only · ends May 2051$70,549
Assumption + second · ends May 2051, second Dec 2056$323,349
New conventional · ends Dec 2056$511,788