Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,135/mo
Lowest payment- Down payment
- $70,321
- Funds due
- $79,416
- Interest + MI left
- $79,949
- First ends
- Dec 2051
Assumption
Assumption + second
$1,481/mo
+$346/mo- Down payment
- $27,321
- Funds due
- $37,688
- Interest + MI left
- $161,505
- First ends
- Dec 2051
New loan
New conventional
$1,920/mo
+$785/mo- Down payment
- $27,321
- Funds due
- $34,438
- Interest + MI left
- $361,876
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,678 | $195,678 | $238,678 |
| Second mortgage | — | $43,000 | — |
| First P&I | $915.71 | $915.71 | $1,652.56 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | — | — | $47.74 |
| Taxes, insurance & HOA | $219.42 | $219.42 | $219.42 |
| Total housing payment | $1,135.12 | $1,481.11 | $1,919.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,321
Closing costs & prepaids$10,367
Usable credit−$0
Total buyer cash needed$37,688
Earnest money paid−$0
Remaining funds due$37,688
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,659.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$978.39
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)$208.25
Prepaid interest, first (2 days)$31.09
Prepaid interest, second (2 days)$21.21
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 closing25 yr 1 moOf the original 30-year loan at 2.900%
Interest already paid$29,705Through Nov 2026
Assumption only · ends Dec 2051$79,949
Assumption + second · ends Dec 2051, second Dec 2056$161,505
New conventional · ends Dec 2056$361,876