Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$930/mo
Lowest payment- Down payment
- $52,132
- Funds due
- $60,386
- Interest + MI left
- $49,511
- First ends
- May 2051
Assumption
Assumption + second
$1,195/mo
+$266/mo- Down payment
- $19,132
- Funds due
- $28,677
- Interest + MI left
- $112,100
- First ends
- May 2051
New loan
New conventional
$1,464/mo
+$534/mo- Down payment
- $19,132
- Funds due
- $25,851
- Interest + MI left
- $242,460
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $132,868 | $132,868 | $165,868 |
| Second mortgage | — | $33,000 | — |
| First P&I | $622.45 | $622.45 | $1,123.65 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | — | — | $33.17 |
| Taxes, insurance & HOA | $307.25 | $307.25 | $307.25 |
| Total housing payment | $929.70 | $1,195.23 | $1,464.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,132
Closing costs & prepaids$9,545
Usable credit−$0
Total buyer cash needed$28,677
Earnest money paid−$0
Remaining funds due$28,677
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$664.34
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)$471.75
Prepaid interest, first (5 days)$49.87
Prepaid interest, second (5 days)$40.68
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 5 moOf the original 30-year loan at 2.74%
Interest already paid$21,902Through Dec 2026
Assumption only · ends May 2051$49,511
Assumption + second · ends May 2051, second Jan 2057$112,100
New conventional · ends Jan 2057$242,460