Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,300/mo
Lowest payment- Down payment
- $46,670
- Funds due
- $55,972
- Interest + MI left
- $73,617
- First ends
- Jan 2051
Assumption
Assumption + second
$1,647/mo
+$346/mo- Down payment
- $12,670
- Funds due
- $23,244
- Interest + MI left
- $164,342
- First ends
- Jan 2051
New loan
New conventional
$1,998/mo
+$697/mo- Down payment
- $12,670
- Funds due
- $20,150
- Interest + MI left
- $345,137
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $192,830 | $192,830 | $226,830 |
| Second mortgage | — | $34,000 | — |
| First P&I | $918.78 | $918.78 | $1,570.53 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | — | — | $45.37 |
| Taxes, insurance & HOA | $381.67 | $381.67 | $381.67 |
| Total housing payment | $1,300.45 | $1,646.91 | $1,997.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,670
Closing costs & prepaids$10,574
Usable credit−$0
Total buyer cash needed$23,244
Earnest money paid−$0
Remaining funds due$23,244
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,395.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$964.15
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)$695.00
Prepaid interest, first (2 days)$29.90
Prepaid interest, second (2 days)$22.12
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 2 moOf the original 30-year loan at 2.830%
Interest already paid$34,405Through Nov 2026
Assumption only · ends Jan 2051$73,617
Assumption + second · ends Jan 2051, second Dec 2056$164,342
New conventional · ends Dec 2056$345,137