Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,059/mo
Lowest payment- Down payment
- $224,758
- Funds due
- $235,130
- Interest + MI left
- $66,231
- First ends
- Apr 2051
Assumption
Assumption + second
$2,410/mo
+$1,350/mo- Down payment
- $40,758
- Funds due
- $52,461
- Interest + MI left
- $368,276
- First ends
- Apr 2051
New loan
New conventional
$2,791/mo
+$1,731/mo- Down payment
- $40,758
- Funds due
- $49,177
- Interest + MI left
- $543,226
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,242 | $174,242 | $358,242 |
| Second mortgage | — | $184,000 | — |
| First P&I | $820.73 | $820.73 | $2,480.40 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | — | — | $71.65 |
| Taxes, insurance & HOA | $238.75 | $238.75 | $238.75 |
| Total housing payment | $1,059.48 | $2,409.60 | $2,790.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,758
Closing costs & prepaids$11,703
Usable credit−$0
Total buyer cash needed$52,461
Earnest money paid−$0
Remaining funds due$52,461
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%)$871.21
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)$266.25
Prepaid interest, first (2 days)$26.64
Prepaid interest, second (2 days)$80.66
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 5 moOf the original 30-year loan at 2.790%
Interest already paid$29,231Through Nov 2026
Assumption only · ends Apr 2051$66,231
Assumption + second · ends Apr 2051, second Dec 2056$368,276
New conventional · ends Dec 2056$543,226