Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$789/mo
Lowest payment- Down payment
- $76,243
- Funds due
- $84,211
- Interest + MI left
- $50,915
- First ends
- Jul 2051
Assumption
Assumption + second
$1,239/mo
+$451/mo- Down payment
- $20,243
- Funds due
- $29,475
- Interest + MI left
- $157,127
- First ends
- Jul 2051
New loan
New conventional
$1,461/mo
+$672/mo- Down payment
- $20,243
- Funds due
- $26,648
- Interest + MI left
- $264,961
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,757 | $118,757 | $174,757 |
| Second mortgage | — | $56,000 | — |
| First P&I | $573.22 | $573.22 | $1,209.98 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | — | — | $34.95 |
| Taxes, insurance & HOA | $215.58 | $215.58 | $215.58 |
| Total housing payment | $788.80 | $1,239.39 | $1,460.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,243
Closing costs & prepaids$9,232
Usable credit−$0
Total buyer cash needed$29,475
Earnest money paid−$0
Remaining funds due$29,475
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$593.79
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)$196.75
Prepaid interest, first (1 days)$10.02
Prepaid interest, second (1 days)$13.81
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 8 moOf the original 30-year loan at 3.080%
Interest already paid$20,863Through Nov 2026
Assumption only · ends Jul 2051$50,915
Assumption + second · ends Jul 2051, second Dec 2056$157,127
New conventional · ends Dec 2056$264,961