Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$938/mo
Lowest payment- Down payment
- $91,595
- Funds due
- $100,186
- Interest + MI left
- $50,128
- First ends
- Dec 2050
Assumption
Assumption + second
$1,493/mo
+$555/mo- Down payment
- $22,595
- Funds due
- $32,470
- Interest + MI left
- $180,996
- First ends
- Dec 2050
New loan
New conventional
$1,726/mo
+$788/mo- Down payment
- $22,595
- Funds due
- $29,585
- Interest + MI left
- $299,147
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $128,305 | $128,305 | $197,305 |
| Second mortgage | — | $69,000 | — |
| First P&I | $617.41 | $617.41 | $1,366.10 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | — | — | $39.46 |
| Taxes, insurance & HOA | $320.75 | $320.75 | $320.75 |
| Total housing payment | $938.16 | $1,493.35 | $1,726.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,595
Closing costs & prepaids$9,875
Usable credit−$0
Total buyer cash needed$32,470
Earnest money paid−$0
Remaining funds due$32,470
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$641.53
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)$512.25
Prepaid interest, first (2 days)$20.39
Prepaid interest, second (2 days)$34.03
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 1 moOf the original 30-year loan at 2.900%
Interest already paid$23,807Through Nov 2026
Assumption only · ends Dec 2050$50,128
Assumption + second · ends Dec 2050, second Dec 2056$180,996
New conventional · ends Dec 2056$299,147