Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,423/mo
Lowest payment- Down payment
- $148,699
- Funds due
- $159,418
- Interest + MI left
- $78,137
- First ends
- Feb 2051
Assumption
Assumption + second
$2,252/mo
+$829/mo- Down payment
- $35,699
- Funds due
- $47,717
- Interest + MI left
- $263,632
- First ends
- Feb 2051
New loan
New conventional
$2,720/mo
+$1,297/mo- Down payment
- $35,699
- Funds due
- $44,334
- Interest + MI left
- $484,241
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,301 | $206,301 | $319,301 |
| Second mortgage | — | $113,000 | — |
| First P&I | $977.45 | $977.45 | $2,210.78 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | — | — | $63.86 |
| Taxes, insurance & HOA | $445.83 | $445.83 | $445.83 |
| Total housing payment | $1,423.28 | $2,252.44 | $2,720.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,699
Closing costs & prepaids$12,018
Usable credit−$0
Total buyer cash needed$47,717
Earnest money paid−$0
Remaining funds due$47,717
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,031.50
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)$887.50
Prepaid interest, first (2 days)$31.65
Prepaid interest, second (2 days)$49.53
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 3 moOf the original 30-year loan at 2.800%
Interest already paid$35,862Through Nov 2026
Assumption only · ends Feb 2051$78,137
Assumption + second · ends Feb 2051, second Dec 2056$263,632
New conventional · ends Dec 2056$484,241