Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,194/mo
Lowest payment- Down payment
- $128,827
- Funds due
- $138,606
- Interest + MI left
- $90,098
- First ends
- Jan 2052
Assumption
Assumption + second
$1,958/mo
+$764/mo- Down payment
- $33,827
- Funds due
- $44,879
- Interest + MI left
- $270,279
- First ends
- Jan 2052
New loan
New conventional
$2,339/mo
+$1,145/mo- Down payment
- $33,827
- Funds due
- $41,511
- Interest + MI left
- $449,107
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,173 | $201,173 | $296,173 |
| Second mortgage | — | $95,000 | — |
| First P&I | $964.47 | $964.47 | $2,050.64 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | — | — | $59.23 |
| Taxes, insurance & HOA | $229.08 | $229.08 | $229.08 |
| Total housing payment | $1,193.56 | $1,957.95 | $2,338.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,827
Closing costs & prepaids$11,052
Usable credit−$0
Total buyer cash needed$44,879
Earnest money paid−$0
Remaining funds due$44,879
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,005.86
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)$237.25
Prepaid interest, first (1 days)$17.31
Prepaid interest, second (1 days)$23.42
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 2 moOf the original 30-year loan at 3.140%
Interest already paid$32,394Through Nov 2026
Assumption only · ends Jan 2052$90,098
Assumption + second · ends Jan 2052, second Dec 2056$270,279
New conventional · ends Dec 2056$449,107