Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$892/mo
Lowest payment- Down payment
- $149,347
- Funds due
- $158,419
- Interest + MI left
- $53,463
- First ends
- Apr 2051
Assumption
Assumption + second
$1,773/mo
+$881/mo- Down payment
- $29,347
- Funds due
- $39,695
- Interest + MI left
- $250,449
- First ends
- Apr 2051
New loan
New conventional
$2,087/mo
+$1,194/mo- Down payment
- $29,347
- Funds due
- $36,671
- Interest + MI left
- $395,246
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,653 | $140,653 | $260,653 |
| Second mortgage | — | $120,000 | — |
| First P&I | $662.51 | $662.51 | $1,804.71 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | — | — | $52.13 |
| Taxes, insurance & HOA | $229.75 | $229.75 | $229.75 |
| Total housing payment | $892.26 | $1,772.78 | $2,086.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,347
Closing costs & prepaids$10,348
Usable credit−$0
Total buyer cash needed$39,695
Earnest money paid−$0
Remaining funds due$39,695
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$703.26
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)$239.25
Prepaid interest, first (1 days)$10.75
Prepaid interest, second (1 days)$26.30
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$23,596Through Nov 2026
Assumption only · ends Apr 2051$53,463
Assumption + second · ends Apr 2051, second Dec 2056$250,449
New conventional · ends Dec 2056$395,246