Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$987/mo
Lowest payment- Down payment
- $79,705
- Funds due
- $88,335
- Interest + MI left
- $66,890
- First ends
- Jul 2051
Assumption
Assumption + second
$1,429/mo
+$443/mo- Down payment
- $24,705
- Funds due
- $34,599
- Interest + MI left
- $171,206
- First ends
- Jul 2051
New loan
New conventional
$1,745/mo
+$759/mo- Down payment
- $24,705
- Funds due
- $31,534
- Interest + MI left
- $323,391
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $158,295 | $158,295 | $213,295 |
| Second mortgage | — | $55,000 | — |
| First P&I | $760.76 | $760.76 | $1,476.81 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | — | — | $42.66 |
| Taxes, insurance & HOA | $226.00 | $226.00 | $226.00 |
| Total housing payment | $986.76 | $1,429.31 | $1,745.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,705
Closing costs & prepaids$9,894
Usable credit−$0
Total buyer cash needed$34,599
Earnest money paid−$0
Remaining funds due$34,599
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,380.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$791.48
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)$228.00
Prepaid interest, first (1 days)$13.18
Prepaid interest, second (1 days)$13.56
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 3.040%
Interest already paid$27,459Through Nov 2026
Assumption only · ends Jul 2051$66,890
Assumption + second · ends Jul 2051, second Dec 2056$171,206
New conventional · ends Dec 2056$323,391