Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,011/mo
Lowest payment- Down payment
- $91,260
- Funds due
- $100,117
- Interest + MI left
- $64,838
- First ends
- Sep 2051
Assumption
Assumption + second
$1,542/mo
+$531/mo- Down payment
- $25,260
- Funds due
- $35,383
- Interest + MI left
- $190,016
- First ends
- Sep 2051
New loan
New conventional
$1,862/mo
+$850/mo- Down payment
- $25,260
- Funds due
- $32,311
- Interest + MI left
- $340,637
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $158,640 | $158,640 | $224,640 |
| Second mortgage | — | $66,000 | — |
| First P&I | $749.93 | $749.93 | $1,555.36 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | — | — | $44.93 |
| Taxes, insurance & HOA | $261.50 | $261.50 | $261.50 |
| Total housing payment | $1,011.43 | $1,542.48 | $1,861.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,260
Closing costs & prepaids$10,124
Usable credit−$0
Total buyer cash needed$35,383
Earnest money paid−$0
Remaining funds due$35,383
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$793.20
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)$334.50
Prepaid interest, first (1 days)$12.73
Prepaid interest, second (1 days)$16.27
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 2.930%
Interest already paid$25,658Through Nov 2026
Assumption only · ends Sep 2051$64,838
Assumption + second · ends Sep 2051, second Dec 2056$190,016
New conventional · ends Dec 2056$340,637