Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$984/mo
Lowest payment- Down payment
- $269,175
- Funds due
- $279,711
- Interest + MI left
- $57,133
- First ends
- Jan 2051
Assumption
Assumption + second
$2,611/mo
+$1,626/mo- Down payment
- $42,175
- Funds due
- $54,009
- Interest + MI left
- $415,585
- First ends
- Jan 2051
New loan
New conventional
$2,959/mo
+$1,974/mo- Down payment
- $42,175
- Funds due
- $50,807
- Interest + MI left
- $572,997
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $150,825 | $150,825 | $377,825 |
| Second mortgage | — | $227,000 | — |
| First P&I | $717.10 | $717.10 | $2,615.98 |
| Second P&I | — | $1,626.26 | — |
| Mortgage insurance | — | — | $75.57 |
| Taxes, insurance & HOA | $267.25 | $267.25 | $267.25 |
| Total housing payment | $984.35 | $2,610.60 | $2,958.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,175
Closing costs & prepaids$11,834
Usable credit−$0
Total buyer cash needed$54,009
Earnest money paid−$0
Remaining funds due$54,009
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$754.12
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)$351.75
Prepaid interest, first (1 days)$11.61
Prepaid interest, second (1 days)$48.20
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 2 moOf the original 30-year loan at 2.810%
Interest already paid$26,726Through Nov 2026
Assumption only · ends Jan 2051$57,133
Assumption + second · ends Jan 2051, second Dec 2056$415,585
New conventional · ends Dec 2056$572,997