Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,426/mo
Lowest payment- Down payment
- $122,492
- Funds due
- $132,971
- Interest + MI left
- $81,071
- First ends
- Feb 2051
Assumption
Assumption + second
$2,142/mo
+$716/mo- Down payment
- $33,492
- Funds due
- $45,331
- Interest + MI left
- $249,872
- First ends
- Feb 2051
New loan
New conventional
$2,498/mo
+$1,073/mo- Down payment
- $33,492
- Funds due
- $42,015
- Interest + MI left
- $433,484
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $207,508 | $207,508 | $296,508 |
| Second mortgage | — | $89,000 | — |
| First P&I | $995.10 | $995.10 | $2,008.65 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | — | — | $59.30 |
| Taxes, insurance & HOA | $430.50 | $430.50 | $430.50 |
| Total housing payment | $1,425.60 | $2,141.71 | $2,498.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,492
Closing costs & prepaids$11,839
Usable credit−$0
Total buyer cash needed$45,331
Earnest money paid−$0
Remaining funds due$45,331
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,037.54
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)$841.50
Prepaid interest, first (5 days)$82.15
Prepaid interest, second (5 days)$109.73
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 2.89%
Interest already paid$37,783Through Dec 2026
Assumption only · ends Feb 2051$81,071
Assumption + second · ends Feb 2051, second Jan 2057$249,872
New conventional · ends Jan 2057$433,484