Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$974/mo
Lowest payment- Down payment
- $72,251
- Funds due
- $80,807
- Interest + MI left
- $49,825
- First ends
- May 2051
Assumption
Assumption + second
$1,385/mo
+$410/mo- Down payment
- $21,251
- Funds due
- $31,069
- Interest + MI left
- $146,554
- First ends
- May 2051
New loan
New conventional
$1,666/mo
+$692/mo- Down payment
- $21,251
- Funds due
- $28,160
- Interest + MI left
- $280,110
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $133,749 | $133,749 | $184,749 |
| Second mortgage | — | $51,000 | — |
| First P&I | $624.40 | $624.40 | $1,279.16 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | — | — | $36.95 |
| Taxes, insurance & HOA | $349.75 | $349.75 | $349.75 |
| Total housing payment | $974.15 | $1,384.51 | $1,665.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,251
Closing costs & prepaids$9,819
Usable credit−$0
Total buyer cash needed$31,069
Earnest money paid−$0
Remaining funds due$31,069
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,060.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$668.75
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)$599.25
Prepaid interest, first (1 days)$10.00
Prepaid interest, second (1 days)$12.58
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 6 moOf the original 30-year loan at 2.730%
Interest already paid$21,613Through Nov 2026
Assumption only · ends May 2051$49,825
Assumption + second · ends May 2051, second Dec 2056$146,554
New conventional · ends Dec 2056$280,110