Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,200/mo
Lowest payment- Down payment
- $96,032
- Funds due
- $105,567
- Interest + MI left
- $70,415
- First ends
- Apr 2051
Assumption
Assumption + second
$1,739/mo
+$539/mo- Down payment
- $29,032
- Funds due
- $39,850
- Interest + MI left
- $197,490
- First ends
- Apr 2051
New loan
New conventional
$2,138/mo
+$938/mo- Down payment
- $29,032
- Funds due
- $36,614
- Interest + MI left
- $388,141
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,968 | $188,968 | $255,968 |
| Second mortgage | — | $67,000 | — |
| First P&I | $885.27 | $885.27 | $1,772.27 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | — | — | $51.19 |
| Taxes, insurance & HOA | $314.67 | $314.67 | $314.67 |
| Total housing payment | $1,199.94 | $1,739.03 | $2,138.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,032
Closing costs & prepaids$10,818
Usable credit−$0
Total buyer cash needed$39,850
Earnest money paid−$0
Remaining funds due$39,850
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$944.84
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)$494.00
Prepaid interest, first (2 days)$28.37
Prepaid interest, second (2 days)$33.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2.740%
Interest already paid$31,150Through Nov 2026
Assumption only · ends Apr 2051$70,415
Assumption + second · ends Apr 2051, second Dec 2056$197,490
New conventional · ends Dec 2056$388,141