Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$952/mo
Lowest payment- Down payment
- $105,748
- Funds due
- $114,569
- Interest + MI left
- $47,230
- First ends
- Feb 2051
Assumption
Assumption + second
$1,612/mo
+$660/mo- Down payment
- $23,748
- Funds due
- $33,859
- Interest + MI left
- $202,755
- First ends
- Feb 2051
New loan
New conventional
$1,851/mo
+$898/mo- Down payment
- $23,748
- Funds due
- $30,959
- Interest + MI left
- $320,336
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $129,252 | $129,252 | $211,252 |
| Second mortgage | — | $82,000 | — |
| First P&I | $606.47 | $606.47 | $1,462.67 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | — | — | $42.25 |
| Taxes, insurance & HOA | $345.83 | $345.83 | $345.83 |
| Total housing payment | $952.30 | $1,612.09 | $1,850.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,748
Closing costs & prepaids$10,111
Usable credit−$0
Total buyer cash needed$33,859
Earnest money paid−$0
Remaining funds due$33,859
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$646.26
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)$587.50
Prepaid interest, first (2 days)$19.19
Prepaid interest, second (2 days)$40.44
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 2.710%
Interest already paid$21,768Through Nov 2026
Assumption only · ends Feb 2051$47,230
Assumption + second · ends Feb 2051, second Dec 2056$202,755
New conventional · ends Dec 2056$320,336