Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,138/mo
Lowest payment- Down payment
- $207,885
- Funds due
- $218,475
- Interest + MI left
- $66,693
- First ends
- Jan 2052
Assumption
Assumption + second
$2,371/mo
+$1,233/mo- Down payment
- $39,885
- Funds due
- $51,799
- Interest + MI left
- $342,474
- First ends
- Jan 2052
New loan
New conventional
$2,841/mo
+$1,703/mo- Down payment
- $39,885
- Funds due
- $48,449
- Interest + MI left
- $543,864
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,615 | $190,615 | $358,615 |
| Second mortgage | — | $168,000 | — |
| First P&I | $852.01 | $852.01 | $2,482.98 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | — | — | $71.72 |
| Taxes, insurance & HOA | $285.83 | $285.83 | $285.83 |
| Total housing payment | $1,137.85 | $2,370.57 | $2,840.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,885
Closing costs & prepaids$11,913
Usable credit−$0
Total buyer cash needed$51,799
Earnest money paid−$0
Remaining funds due$51,799
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,985.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$953.07
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)$407.50
Prepaid interest, first (2 days)$26.22
Prepaid interest, second (2 days)$73.64
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 2 moOf the original 30-year loan at 2.510%
Interest already paid$24,681Through Nov 2026
Assumption only · ends Jan 2052$66,693
Assumption + second · ends Jan 2052, second Dec 2056$342,474
New conventional · ends Dec 2056$543,864