Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,114/mo
Lowest payment- Down payment
- $154,800
- Funds due
- $164,686
- Interest + MI left
- $79,931
- First ends
- Dec 2051
Assumption
Assumption + second
$1,988/mo
+$873/mo- Down payment
- $35,800
- Funds due
- $46,962
- Interest + MI left
- $275,275
- First ends
- Dec 2051
New loan
New conventional
$2,458/mo
+$1,343/mo- Down payment
- $35,800
- Funds due
- $43,583
- Interest + MI left
- $484,088
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,200 | $200,200 | $319,200 |
| Second mortgage | — | $119,000 | — |
| First P&I | $930.67 | $930.67 | $2,210.08 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | — | — | $63.84 |
| Taxes, insurance & HOA | $183.75 | $183.75 | $183.75 |
| Total housing payment | $1,114.42 | $1,987.60 | $2,457.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,800
Closing costs & prepaids$11,162
Usable credit−$0
Total buyer cash needed$46,962
Earnest money paid−$0
Remaining funds due$46,962
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,001.00
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)$101.25
Prepaid interest, first (1 days)$15.58
Prepaid interest, second (1 days)$26.08
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 closing25 yr 1 moOf the original 30-year loan at 2.840%
Interest already paid$29,780Through Nov 2026
Assumption only · ends Dec 2051$79,931
Assumption + second · ends Dec 2051, second Dec 2056$275,275
New conventional · ends Dec 2056$484,088