Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,274/mo
Lowest payment- Down payment
- $159,436
- Funds due
- $169,741
- Interest + MI left
- $88,450
- First ends
- Jul 2051
Assumption
Assumption + second
$2,169/mo
+$895/mo- Down payment
- $37,436
- Funds due
- $49,018
- Interest + MI left
- $288,719
- First ends
- Jul 2051
New loan
New conventional
$2,614/mo
+$1,340/mo- Down payment
- $37,436
- Funds due
- $45,596
- Interest + MI left
- $496,707
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,564 | $205,564 | $327,564 |
| Second mortgage | — | $122,000 | — |
| First P&I | $993.29 | $993.29 | $2,267.99 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | — | — | $65.51 |
| Taxes, insurance & HOA | $280.83 | $280.83 | $280.83 |
| Total housing payment | $1,274.12 | $2,169.32 | $2,614.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,436
Closing costs & prepaids$11,582
Usable credit−$0
Total buyer cash needed$49,018
Earnest money paid−$0
Remaining funds due$49,018
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,027.82
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)$392.50
Prepaid interest, first (1 days)$17.40
Prepaid interest, second (1 days)$26.74
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 8 moOf the original 30-year loan at 3.090%
Interest already paid$36,227Through Nov 2026
Assumption only · ends Jul 2051$88,450
Assumption + second · ends Jul 2051, second Dec 2056$288,719
New conventional · ends Dec 2056$496,707