Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$927/mo
Lowest payment- Down payment
- $307,158
- Funds due
- $317,870
- Interest + MI left
- $54,673
- First ends
- Dec 2050
Assumption
Assumption + second
$2,804/mo
+$1,877/mo- Down payment
- $45,158
- Funds due
- $57,231
- Interest + MI left
- $468,393
- First ends
- Dec 2050
New loan
New conventional
$3,109/mo
+$2,182/mo- Down payment
- $45,158
- Funds due
- $54,076
- Interest + MI left
- $606,307
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $137,842 | $137,842 | $399,842 |
| Second mortgage | — | $262,000 | — |
| First P&I | $666.14 | $666.14 | $2,768.43 |
| Second P&I | — | $1,877.00 | — |
| Mortgage insurance | — | — | $79.97 |
| Taxes, insurance & HOA | $260.92 | $260.92 | $260.92 |
| Total housing payment | $927.06 | $2,804.06 | $3,109.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,158
Closing costs & prepaids$12,073
Usable credit−$0
Total buyer cash needed$57,231
Earnest money paid−$0
Remaining funds due$57,231
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$689.21
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)$332.75
Prepaid interest, first (2 days)$22.21
Prepaid interest, second (2 days)$111.26
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 closing24 yr 1 moOf the original 30-year loan at 2.940%
Interest already paid$25,917Through Nov 2026
Assumption only · ends Dec 2050$54,673
Assumption + second · ends Dec 2050, second Dec 2056$468,393
New conventional · ends Dec 2056$606,307