Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$983/mo
Lowest payment- Down payment
- $65,306
- Funds due
- $73,812
- Interest + MI left
- $58,429
- First ends
- Sep 2051
Assumption
Assumption + second
$1,337/mo
+$354/mo- Down payment
- $21,306
- Funds due
- $31,073
- Interest + MI left
- $141,881
- First ends
- Sep 2051
New loan
New conventional
$1,645/mo
+$662/mo- Down payment
- $21,306
- Funds due
- $28,110
- Interest + MI left
- $285,978
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $144,594 | $144,594 | $188,594 |
| Second mortgage | — | $44,000 | — |
| First P&I | $681.29 | $681.29 | $1,305.79 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | — | — | $37.72 |
| Taxes, insurance & HOA | $301.58 | $301.58 | $301.58 |
| Total housing payment | $982.87 | $1,336.90 | $1,645.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,306
Closing costs & prepaids$9,767
Usable credit−$0
Total buyer cash needed$31,073
Earnest money paid−$0
Remaining funds due$31,073
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$722.97
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)$454.75
Prepaid interest, first (1 days)$11.49
Prepaid interest, second (1 days)$10.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 10 moOf the original 30-year loan at 2.900%
Interest already paid$23,154Through Nov 2026
Assumption only · ends Sep 2051$58,429
Assumption + second · ends Sep 2051, second Dec 2056$141,881
New conventional · ends Dec 2056$285,978