Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,045/mo
Lowest payment- Down payment
- $47,459
- Funds due
- $56,010
- Interest + MI left
- $62,077
- First ends
- Aug 2051
Assumption
Assumption + second
$1,262/mo
+$217/mo- Down payment
- $20,459
- Funds due
- $30,293
- Interest + MI left
- $113,286
- First ends
- Aug 2051
New loan
New conventional
$1,571/mo
+$527/mo- Down payment
- $20,459
- Funds due
- $27,365
- Interest + MI left
- $262,337
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,441 | $152,441 | $179,441 |
| Second mortgage | — | $27,000 | — |
| First P&I | $724.72 | $724.72 | $1,215.60 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | — | — | $35.89 |
| Taxes, insurance & HOA | $319.92 | $319.92 | $319.92 |
| Total housing payment | $1,044.64 | $1,261.89 | $1,571.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,459
Closing costs & prepaids$9,834
Usable credit−$0
Total buyer cash needed$30,293
Earnest money paid−$0
Remaining funds due$30,293
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$762.20
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)$509.75
Prepaid interest, first (5 days)$61.39
Prepaid interest, second (5 days)$33.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 8 moOf the original 30-year loan at 2.94%
Interest already paid$25,600Through Dec 2026
Assumption only · ends Aug 2051$62,077
Assumption + second · ends Aug 2051, second Jan 2057$113,286
New conventional · ends Jan 2057$262,337