Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,427/mo
Lowest payment- Down payment
- $107,207
- Funds due
- $117,514
- Interest + MI left
- $57,301
- First ends
- Mar 2051
Assumption
Assumption + second
$2,071/mo
+$644/mo- Down payment
- $27,207
- Funds due
- $38,804
- Interest + MI left
- $209,032
- First ends
- Mar 2051
New loan
New conventional
$2,388/mo
+$961/mo- Down payment
- $27,207
- Funds due
- $35,729
- Interest + MI left
- $362,098
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $158,793 | $158,793 | $238,793 |
| Second mortgage | — | $80,000 | — |
| First P&I | $740.05 | $740.05 | $1,653.35 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | — | — | $47.76 |
| Taxes, insurance & HOA | $687.33 | $687.33 | $687.33 |
| Total housing payment | $1,427.38 | $2,071.08 | $2,388.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,207
Closing costs & prepaids$11,597
Usable credit−$0
Total buyer cash needed$38,804
Earnest money paid−$0
Remaining funds due$38,804
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,660.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$793.96
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)$1,612.00
Prepaid interest, first (2 days)$23.23
Prepaid interest, second (2 days)$39.45
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 4 moOf the original 30-year loan at 2.670%
Interest already paid$25,943Through Nov 2026
Assumption only · ends Mar 2051$57,301
Assumption + second · ends Mar 2051, second Dec 2056$209,032
New conventional · ends Dec 2056$362,098