Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,292/mo
Lowest payment- Down payment
- $167,953
- Funds due
- $178,442
- Interest + MI left
- $68,121
- First ends
- Jan 2051
Assumption
Assumption + second
$2,267/mo
+$976/mo- Down payment
- $34,953
- Funds due
- $46,808
- Interest + MI left
- $286,448
- First ends
- Jan 2051
New loan
New conventional
$2,591/mo
+$1,299/mo- Down payment
- $34,953
- Funds due
- $43,600
- Interest + MI left
- $448,000
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,047 | $177,047 | $310,047 |
| Second mortgage | — | $133,000 | — |
| First P&I | $848.33 | $848.33 | $2,085.71 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | — | — | $62.01 |
| Taxes, insurance & HOA | $443.25 | $443.25 | $443.25 |
| Total housing payment | $1,291.58 | $2,267.49 | $2,590.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,953
Closing costs & prepaids$11,855
Usable credit−$0
Total buyer cash needed$46,808
Earnest money paid−$0
Remaining funds due$46,808
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$885.23
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)$879.75
Prepaid interest, first (4 days)$55.49
Prepaid interest, second (4 days)$116.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 1 moOf the original 30-year loan at 2.86%
Interest already paid$32,412Through Dec 2026
Assumption only · ends Jan 2051$68,121
Assumption + second · ends Jan 2051, second Jan 2057$286,448
New conventional · ends Jan 2057$448,000