Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,361/mo
Lowest payment- Down payment
- $60,803
- Funds due
- $70,479
- Interest + MI left
- $80,176
- First ends
- Oct 2051
Assumption
Assumption + second
$1,635/mo
+$274/mo- Down payment
- $26,803
- Funds due
- $37,746
- Interest + MI left
- $144,662
- First ends
- Oct 2051
New loan
New conventional
$2,088/mo
+$727/mo- Down payment
- $26,803
- Funds due
- $34,485
- Interest + MI left
- $353,566
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,197 | $199,197 | $233,197 |
| Second mortgage | — | $34,000 | — |
| First P&I | $934.36 | $934.36 | $1,614.61 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | — | — | $46.64 |
| Taxes, insurance & HOA | $426.83 | $426.83 | $426.83 |
| Total housing payment | $1,361.19 | $1,634.76 | $2,088.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,803
Closing costs & prepaids$10,943
Usable credit−$0
Total buyer cash needed$37,746
Earnest money paid−$0
Remaining funds due$37,746
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$995.98
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)$830.50
Prepaid interest, first (2 days)$31.43
Prepaid interest, second (2 days)$16.77
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 11 moOf the original 30-year loan at 2.880%
Interest already paid$31,133Through Nov 2026
Assumption only · ends Oct 2051$80,176
Assumption + second · ends Oct 2051, second Dec 2056$144,662
New conventional · ends Dec 2056$353,566