Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,408/mo
Lowest payment- Down payment
- $56,740
- Funds due
- $66,524
- Interest + MI left
- $81,709
- First ends
- Nov 2051
Assumption
Assumption + second
$1,649/mo
+$241/mo- Down payment
- $26,740
- Funds due
- $37,789
- Interest + MI left
- $138,608
- First ends
- Nov 2051
New loan
New conventional
$2,116/mo
+$708/mo- Down payment
- $26,740
- Funds due
- $34,515
- Interest + MI left
- $352,145
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $202,260 | $202,260 | $232,260 |
| Second mortgage | — | $30,000 | — |
| First P&I | $946.56 | $946.56 | $1,608.12 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | — | — | $46.45 |
| Taxes, insurance & HOA | $461.00 | $461.00 | $461.00 |
| Total housing payment | $1,407.56 | $1,648.95 | $2,115.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,740
Closing costs & prepaids$11,049
Usable credit−$0
Total buyer cash needed$37,789
Earnest money paid−$0
Remaining funds due$37,789
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,011.30
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)$933.00
Prepaid interest, first (2 days)$31.92
Prepaid interest, second (2 days)$14.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing25 yrOf the original 30-year loan at 2.880%
Interest already paid$31,054Through Nov 2026
Assumption only · ends Nov 2051$81,709
Assumption + second · ends Nov 2051, second Dec 2056$138,608
New conventional · ends Dec 2056$352,145