Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,424/mo
Lowest payment- Down payment
- $114,453
- Funds due
- $124,864
- Interest + MI left
- $78,784
- First ends
- Feb 2051
Assumption
Assumption + second
$2,075/mo
+$652/mo- Down payment
- $33,453
- Funds due
- $45,194
- Interest + MI left
- $232,412
- First ends
- Feb 2051
New loan
New conventional
$2,445/mo
+$1,022/mo- Down payment
- $33,453
- Funds due
- $41,848
- Interest + MI left
- $421,066
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,447 | $210,447 | $291,447 |
| Second mortgage | — | $81,000 | — |
| First P&I | $997.35 | $997.35 | $1,960.58 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | — | — | $58.29 |
| Taxes, insurance & HOA | $426.17 | $426.17 | $426.17 |
| Total housing payment | $1,423.52 | $2,075.26 | $2,445.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,453
Closing costs & prepaids$11,742
Usable credit−$0
Total buyer cash needed$45,194
Earnest money paid−$0
Remaining funds due$45,194
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,052.24
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)$828.50
Prepaid interest, first (4 days)$64.11
Prepaid interest, second (4 days)$79.89
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 2 moOf the original 30-year loan at 2.78%
Interest already paid$36,906Through Dec 2026
Assumption only · ends Feb 2051$78,784
Assumption + second · ends Feb 2051, second Jan 2057$232,412
New conventional · ends Jan 2057$421,066