Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$923/mo
Lowest payment- Down payment
- $182,278
- Funds due
- $191,661
- Interest + MI left
- $47,674
- First ends
- Feb 2049
Assumption
Assumption + second
$2,016/mo
+$1,093/mo- Down payment
- $33,278
- Funds due
- $43,976
- Interest + MI left
- $292,266
- First ends
- Feb 2049
New loan
New conventional
$2,288/mo
+$1,365/mo- Down payment
- $33,278
- Funds due
- $40,919
- Interest + MI left
- $442,358
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $142,722 | $142,722 | $291,722 |
| Second mortgage | — | $149,000 | — |
| First P&I | $713.09 | $713.09 | $2,019.82 |
| Second P&I | — | $1,093.31 | — |
| Mortgage insurance | — | — | $58.34 |
| Taxes, insurance & HOA | $210.00 | $210.00 | $210.00 |
| Total housing payment | $923.09 | $2,016.40 | $2,288.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,278
Closing costs & prepaids$10,698
Usable credit−$0
Total buyer cash needed$43,976
Earnest money paid−$0
Remaining funds due$43,976
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$713.61
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)$180.00
Prepaid interest, first (2 days)$21.27
Prepaid interest, second (2 days)$65.32
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 closing22 yr 3 moOf the original 28-year loan at 2.720%
Interest already paid$24,344Through Nov 2026
Assumption only · ends Feb 2049$47,674
Assumption + second · ends Feb 2049, second Dec 2056$292,266
New conventional · ends Dec 2056$442,358