Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,111/mo
Lowest payment- Down payment
- $146,294
- Funds due
- $156,062
- Interest + MI left
- $61,779
- First ends
- Jan 2052
Assumption
Assumption + second
$1,962/mo
+$851/mo- Down payment
- $30,294
- Funds due
- $41,439
- Interest + MI left
- $252,199
- First ends
- Jan 2052
New loan
New conventional
$2,267/mo
+$1,156/mo- Down payment
- $30,294
- Funds due
- $38,413
- Interest + MI left
- $390,646
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $151,206 | $151,206 | $267,206 |
| Second mortgage | — | $116,000 | — |
| First P&I | $707.59 | $707.59 | $1,810.15 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | — | — | $53.44 |
| Taxes, insurance & HOA | $402.92 | $402.92 | $402.92 |
| Total housing payment | $1,110.51 | $1,961.67 | $2,266.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,294
Closing costs & prepaids$11,145
Usable credit−$0
Total buyer cash needed$41,439
Earnest money paid−$0
Remaining funds due$41,439
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,975.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$756.03
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)$758.75
Prepaid interest, first (5 days)$60.07
Prepaid interest, second (5 days)$127.12
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 closing25 yr 1 moOf the original 30-year loan at 2.9%
Interest already paid$22,954Through Dec 2026
Assumption only · ends Jan 2052$61,779
Assumption + second · ends Jan 2052, second Jan 2057$252,199
New conventional · ends Jan 2057$390,646