Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,462/mo
Lowest payment- Down payment
- $134,484
- Funds due
- $145,167
- Interest + MI left
- $56,924
- First ends
- Apr 2051
Assumption
Assumption + second
$2,232/mo
+$770/mo- Down payment
- $29,484
- Funds due
- $41,463
- Interest + MI left
- $229,287
- First ends
- Apr 2051
New loan
New conventional
$2,596/mo
+$1,135/mo- Down payment
- $29,484
- Funds due
- $38,380
- Interest + MI left
- $396,554
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $156,516 | $156,516 | $261,516 |
| Second mortgage | — | $105,000 | — |
| First P&I | $728.46 | $728.46 | $1,810.68 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | — | — | $52.30 |
| Taxes, insurance & HOA | $733.33 | $733.33 | $733.33 |
| Total housing payment | $1,461.80 | $2,232.25 | $2,596.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,484
Closing costs & prepaids$11,980
Usable credit−$0
Total buyer cash needed$41,463
Earnest money paid−$0
Remaining funds due$41,463
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,910.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$782.58
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)$1,750.00
Prepaid interest, first (2 days)$22.98
Prepaid interest, second (2 days)$46.03
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 5 moOf the original 30-year loan at 2.680%
Interest already paid$25,253Through Nov 2026
Assumption only · ends Apr 2051$56,924
Assumption + second · ends Apr 2051, second Dec 2056$229,287
New conventional · ends Dec 2056$396,554