Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,245/mo
Lowest payment- Down payment
- $180,642
- Funds due
- $191,162
- Interest + MI left
- $61,902
- First ends
- Feb 2051
Assumption
Assumption + second
$2,309/mo
+$1,064/mo- Down payment
- $35,642
- Funds due
- $47,571
- Interest + MI left
- $299,927
- First ends
- Feb 2051
New loan
New conventional
$2,640/mo
+$1,395/mo- Down payment
- $35,642
- Funds due
- $44,412
- Interest + MI left
- $459,581
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,358 | $169,358 | $314,358 |
| Second mortgage | — | $145,000 | — |
| First P&I | $797.45 | $797.45 | $2,129.57 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | — | — | $62.87 |
| Taxes, insurance & HOA | $447.50 | $447.50 | $447.50 |
| Total housing payment | $1,244.95 | $2,308.91 | $2,639.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,642
Closing costs & prepaids$11,929
Usable credit−$0
Total buyer cash needed$47,571
Earnest money paid−$0
Remaining funds due$47,571
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$846.79
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)$892.50
Prepaid interest, first (5 days)$63.10
Prepaid interest, second (5 days)$158.90
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 2 moOf the original 30-year loan at 2.72%
Interest already paid$29,079Through Dec 2026
Assumption only · ends Feb 2051$61,902
Assumption + second · ends Feb 2051, second Jan 2057$299,927
New conventional · ends Jan 2057$459,581