Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,426/mo
Lowest payment- Down payment
- $153,644
- Funds due
- $164,423
- Interest + MI left
- $77,813
- First ends
- Feb 2051
Assumption
Assumption + second
$2,285/mo
+$859/mo- Down payment
- $36,644
- Funds due
- $48,725
- Interest + MI left
- $269,875
- First ends
- Feb 2051
New loan
New conventional
$2,753/mo
+$1,327/mo- Down payment
- $36,644
- Funds due
- $45,332
- Interest + MI left
- $490,175
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,256 | $206,256 | $323,256 |
| Second mortgage | — | $117,000 | — |
| First P&I | $976.18 | $976.18 | $2,238.16 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | — | — | $64.65 |
| Taxes, insurance & HOA | $449.92 | $449.92 | $449.92 |
| Total housing payment | $1,426.10 | $2,284.61 | $2,752.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,644
Closing costs & prepaids$12,081
Usable credit−$0
Total buyer cash needed$48,725
Earnest money paid−$0
Remaining funds due$48,725
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,031.28
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)$899.75
Prepaid interest, first (2 days)$31.53
Prepaid interest, second (2 days)$51.29
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 3 moOf the original 30-year loan at 2.790%
Interest already paid$35,730Through Nov 2026
Assumption only · ends Feb 2051$77,813
Assumption + second · ends Feb 2051, second Dec 2056$269,875
New conventional · ends Dec 2056$490,175