Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$832/mo
Lowest payment- Down payment
- $46,628
- Funds due
- $54,479
- Interest + MI left
- $59,220
- First ends
- Sep 2051
Assumption
Assumption + second
$1,049/mo
+$217/mo- Down payment
- $19,628
- Funds due
- $28,736
- Interest + MI left
- $110,429
- First ends
- Sep 2051
New loan
New conventional
$1,365/mo
+$533/mo- Down payment
- $19,628
- Funds due
- $25,797
- Interest + MI left
- $258,161
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $143,272 | $143,272 | $170,272 |
| Second mortgage | — | $27,000 | — |
| First P&I | $679.50 | $679.50 | $1,178.93 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | — | — | $34.05 |
| Taxes, insurance & HOA | $152.17 | $152.17 | $152.17 |
| Total housing payment | $831.67 | $1,048.92 | $1,365.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,628
Closing costs & prepaids$9,108
Usable credit−$0
Total buyer cash needed$28,736
Earnest money paid−$0
Remaining funds due$28,736
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,899.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$716.36
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)$6.50
Prepaid interest, first (1 days)$11.62
Prepaid interest, second (1 days)$6.66
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 2.960%
Interest already paid$23,403Through Nov 2026
Assumption only · ends Sep 2051$59,220
Assumption + second · ends Sep 2051, second Dec 2056$110,429
New conventional · ends Dec 2056$258,161