Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,265/mo
Lowest payment- Down payment
- $149,631
- Funds due
- $159,858
- Interest + MI left
- $74,971
- First ends
- Oct 2051
Assumption
Assumption + second
$2,116/mo
+$851/mo- Down payment
- $33,631
- Funds due
- $45,159
- Interest + MI left
- $265,391
- First ends
- Oct 2051
New loan
New conventional
$2,518/mo
+$1,254/mo- Down payment
- $33,631
- Funds due
- $41,922
- Interest + MI left
- $447,888
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,369 | $179,369 | $295,369 |
| Second mortgage | — | $116,000 | — |
| First P&I | $850.64 | $850.64 | $2,045.08 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | — | — | $59.07 |
| Taxes, insurance & HOA | $414.33 | $414.33 | $414.33 |
| Total housing payment | $1,264.97 | $2,116.14 | $2,518.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,631
Closing costs & prepaids$11,528
Usable credit−$0
Total buyer cash needed$45,159
Earnest money paid−$0
Remaining funds due$45,159
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,290.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$896.85
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)$793.00
Prepaid interest, first (2 days)$29.29
Prepaid interest, second (2 days)$50.85
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 2.980%
Interest already paid$28,979Through Nov 2026
Assumption only · ends Oct 2051$74,971
Assumption + second · ends Oct 2051, second Dec 2056$265,391
New conventional · ends Dec 2056$447,888