Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,280/mo
Lowest payment- Down payment
- $176,494
- Funds due
- $187,117
- Interest + MI left
- $90,910
- First ends
- Dec 2051
Assumption
Assumption + second
$2,278/mo
+$998/mo- Down payment
- $40,494
- Funds due
- $52,426
- Interest + MI left
- $314,161
- First ends
- Dec 2051
New loan
New conventional
$2,793/mo
+$1,513/mo- Down payment
- $40,494
- Funds due
- $48,916
- Interest + MI left
- $543,627
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $222,506 | $222,506 | $358,506 |
| Second mortgage | — | $136,000 | — |
| First P&I | $1,041.25 | $1,041.25 | $2,482.22 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | — | — | $71.70 |
| Taxes, insurance & HOA | $238.83 | $238.83 | $238.83 |
| Total housing payment | $1,280.08 | $2,278.00 | $2,792.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,494
Closing costs & prepaids$11,932
Usable credit−$0
Total buyer cash needed$52,426
Earnest money paid−$0
Remaining funds due$52,426
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,112.53
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)$266.50
Prepaid interest, first (2 days)$35.36
Prepaid interest, second (2 days)$59.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing25 yr 1 moOf the original 30-year loan at 2.900%
Interest already paid$33,777Through Nov 2026
Assumption only · ends Dec 2051$90,910
Assumption + second · ends Dec 2051, second Dec 2056$314,161
New conventional · ends Dec 2056$543,627