Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$951/mo
Lowest payment- Down payment
- $173,788
- Funds due
- $183,316
- Interest + MI left
- $63,178
- First ends
- Apr 2051
Assumption
Assumption + second
$1,971/mo
+$1,020/mo- Down payment
- $34,788
- Funds due
- $45,627
- Interest + MI left
- $291,354
- First ends
- Apr 2051
New loan
New conventional
$2,342/mo
+$1,391/mo- Down payment
- $34,788
- Funds due
- $42,442
- Interest + MI left
- $462,812
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,211 | $166,211 | $305,211 |
| Second mortgage | — | $139,000 | — |
| First P&I | $782.90 | $782.90 | $2,113.22 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | — | — | $61.04 |
| Taxes, insurance & HOA | $167.83 | $167.83 | $167.83 |
| Total housing payment | $950.73 | $1,970.66 | $2,342.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,788
Closing costs & prepaids$10,839
Usable credit−$0
Total buyer cash needed$45,627
Earnest money paid−$0
Remaining funds due$45,627
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,399.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$831.06
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)$53.50
Prepaid interest, first (2 days)$25.41
Prepaid interest, second (2 days)$60.93
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 2.790%
Interest already paid$27,883Through Nov 2026
Assumption only · ends Apr 2051$63,178
Assumption + second · ends Apr 2051, second Dec 2056$291,354
New conventional · ends Dec 2056$462,812