Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,491/mo
Lowest payment- Down payment
- $69,433
- Funds due
- $79,507
- Interest + MI left
- $74,985
- First ends
- Aug 2051
Assumption
Assumption + second
$1,845/mo
+$354/mo- Down payment
- $25,433
- Funds due
- $36,768
- Interest + MI left
- $158,437
- First ends
- Aug 2051
New loan
New conventional
$2,228/mo
+$737/mo- Down payment
- $25,433
- Funds due
- $33,591
- Interest + MI left
- $339,768
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,067 | $180,067 | $224,067 |
| Second mortgage | — | $44,000 | — |
| First P&I | $858.76 | $858.76 | $1,551.39 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | — | — | $44.81 |
| Taxes, insurance & HOA | $632.17 | $632.17 | $632.17 |
| Total housing payment | $1,490.93 | $1,844.96 | $2,228.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,433
Closing costs & prepaids$11,335
Usable credit−$0
Total buyer cash needed$36,768
Earnest money paid−$0
Remaining funds due$36,768
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,495.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$900.34
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)$1,446.50
Prepaid interest, first (1 days)$14.75
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 9 moOf the original 30-year loan at 2.990%
Interest already paid$30,219Through Nov 2026
Assumption only · ends Aug 2051$74,985
Assumption + second · ends Aug 2051, second Dec 2056$158,437
New conventional · ends Dec 2056$339,768