Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,103/mo
Lowest payment- Down payment
- $105,296
- Funds due
- $114,530
- Interest + MI left
- $76,757
- First ends
- Jun 2051
Assumption
Assumption + second
$1,715/mo
+$612/mo- Down payment
- $29,296
- Funds due
- $39,798
- Interest + MI left
- $220,902
- First ends
- Jun 2051
New loan
New conventional
$2,056/mo
+$952/mo- Down payment
- $29,296
- Funds due
- $36,582
- Interest + MI left
- $387,690
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,704 | $179,704 | $255,704 |
| Second mortgage | — | $76,000 | — |
| First P&I | $869.36 | $869.36 | $1,770.44 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | — | — | $51.14 |
| Taxes, insurance & HOA | $233.92 | $233.92 | $233.92 |
| Total housing payment | $1,103.28 | $1,714.79 | $2,055.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,296
Closing costs & prepaids$10,502
Usable credit−$0
Total buyer cash needed$39,798
Earnest money paid−$0
Remaining funds due$39,798
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$898.52
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)$251.75
Prepaid interest, first (1 days)$15.16
Prepaid interest, second (1 days)$18.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 3.080%
Interest already paid$32,104Through Nov 2026
Assumption only · ends Jun 2051$76,757
Assumption + second · ends Jun 2051, second Dec 2056$220,902
New conventional · ends Dec 2056$387,690