Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$949/mo
Lowest payment- Down payment
- $176,645
- Funds due
- $186,176
- Interest + MI left
- $47,980
- First ends
- Apr 2051
Assumption
Assumption + second
$2,012/mo
+$1,064/mo- Down payment
- $31,645
- Funds due
- $42,490
- Interest + MI left
- $286,005
- First ends
- Apr 2051
New loan
New conventional
$2,303/mo
+$1,355/mo- Down payment
- $31,645
- Funds due
- $39,505
- Interest + MI left
- $418,242
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $130,855 | $130,855 | $275,855 |
| Second mortgage | — | $145,000 | — |
| First P&I | $610.36 | $610.36 | $1,909.96 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | — | — | $55.17 |
| Taxes, insurance & HOA | $338.17 | $338.17 | $338.17 |
| Total housing payment | $948.53 | $2,012.48 | $2,303.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,645
Closing costs & prepaids$10,845
Usable credit−$0
Total buyer cash needed$42,490
Earnest money paid−$0
Remaining funds due$42,490
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,075.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$654.28
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)$564.50
Prepaid interest, first (2 days)$19.36
Prepaid interest, second (2 days)$63.56
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 2.700%
Interest already paid$21,265Through Nov 2026
Assumption only · ends Apr 2051$47,980
Assumption + second · ends Apr 2051, second Dec 2056$286,005
New conventional · ends Dec 2056$418,242