Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,050/mo
Lowest payment- Down payment
- $149,461
- Funds due
- $158,991
- Interest + MI left
- $59,158
- First ends
- Aug 2051
Assumption
Assumption + second
$1,931/mo
+$881/mo- Down payment
- $29,461
- Funds due
- $40,373
- Interest + MI left
- $256,144
- First ends
- Aug 2051
New loan
New conventional
$2,174/mo
+$1,124/mo- Down payment
- $29,461
- Funds due
- $37,419
- Interest + MI left
- $373,538
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $135,539 | $135,539 | $255,539 |
| Second mortgage | — | $120,000 | — |
| First P&I | $657.76 | $657.76 | $1,731.11 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | — | — | $51.11 |
| Taxes, insurance & HOA | $392.25 | $392.25 | $392.25 |
| Total housing payment | $1,050.01 | $1,930.53 | $2,174.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,461
Closing costs & prepaids$10,912
Usable credit−$0
Total buyer cash needed$40,373
Earnest money paid−$0
Remaining funds due$40,373
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$677.70
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)$726.75
Prepaid interest, first (5 days)$58.11
Prepaid interest, second (5 days)$131.51
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 3.13%
Interest already paid$24,186Through Dec 2026
Assumption only · ends Aug 2051$59,158
Assumption + second · ends Aug 2051, second Jan 2057$256,144
New conventional · ends Jan 2057$373,538