Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,148/mo
Lowest payment- Down payment
- $160,394
- Funds due
- $170,410
- Interest + MI left
- $69,528
- First ends
- Feb 2051
Assumption
Assumption + second
$2,065/mo
+$917/mo- Down payment
- $35,394
- Funds due
- $46,714
- Interest + MI left
- $274,722
- First ends
- Feb 2051
New loan
New conventional
$2,498/mo
+$1,350/mo- Down payment
- $35,394
- Funds due
- $43,414
- Interest + MI left
- $476,907
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,506 | $189,506 | $314,506 |
| Second mortgage | — | $125,000 | — |
| First P&I | $890.15 | $890.15 | $2,177.58 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | — | — | $62.90 |
| Taxes, insurance & HOA | $257.58 | $257.58 | $257.58 |
| Total housing payment | $1,147.73 | $2,064.94 | $2,498.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,394
Closing costs & prepaids$11,320
Usable credit−$0
Total buyer cash needed$46,714
Earnest money paid−$0
Remaining funds due$46,714
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$947.53
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)$322.75
Prepaid interest, first (2 days)$28.24
Prepaid interest, second (2 days)$54.79
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 2.720%
Interest already paid$32,030Through Nov 2026
Assumption only · ends Feb 2051$69,528
Assumption + second · ends Feb 2051, second Dec 2056$274,722
New conventional · ends Dec 2056$476,907