Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,005/mo
Lowest payment- Down payment
- $70,758
- Funds due
- $79,413
- Interest + MI left
- $66,231
- First ends
- Apr 2051
Assumption
Assumption + second
$1,375/mo
+$370/mo- Down payment
- $24,758
- Funds due
- $34,674
- Interest + MI left
- $153,476
- First ends
- Apr 2051
New loan
New conventional
$1,753/mo
+$748/mo- Down payment
- $24,758
- Funds due
- $31,532
- Interest + MI left
- $333,968
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,242 | $174,242 | $220,242 |
| Second mortgage | — | $46,000 | — |
| First P&I | $820.73 | $820.73 | $1,524.91 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | — | — | $44.05 |
| Taxes, insurance & HOA | $184.08 | $184.08 | $184.08 |
| Total housing payment | $1,004.81 | $1,374.94 | $1,753.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,758
Closing costs & prepaids$9,916
Usable credit−$0
Total buyer cash needed$34,674
Earnest money paid−$0
Remaining funds due$34,674
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$871.21
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)$102.25
Prepaid interest, first (1 days)$13.32
Prepaid interest, second (1 days)$11.34
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 5 moOf the original 30-year loan at 2.790%
Interest already paid$29,231Through Nov 2026
Assumption only · ends Apr 2051$66,231
Assumption + second · ends Apr 2051, second Dec 2056$153,476
New conventional · ends Dec 2056$333,968