Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$801/mo
Lowest payment- Down payment
- $76,511
- Funds due
- $84,596
- Interest + MI left
- $50,610
- First ends
- Jul 2051
Assumption
Assumption + second
$1,260/mo
+$459/mo- Down payment
- $19,511
- Funds due
- $28,972
- Interest + MI left
- $158,719
- First ends
- Jul 2051
New loan
New conventional
$1,452/mo
+$651/mo- Down payment
- $19,511
- Funds due
- $26,236
- Interest + MI left
- $256,594
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $118,489 | $118,489 | $175,489 |
| Second mortgage | — | $57,000 | — |
| First P&I | $573.22 | $573.22 | $1,188.82 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | — | — | $35.10 |
| Taxes, insurance & HOA | $228.00 | $228.00 | $228.00 |
| Total housing payment | $801.22 | $1,259.85 | $1,451.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,511
Closing costs & prepaids$9,461
Usable credit−$0
Total buyer cash needed$28,972
Earnest money paid−$0
Remaining funds due$28,972
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$592.44
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)$234.00
Prepaid interest, first (9 days)$89.99
Prepaid interest, second (9 days)$126.49
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7 moOf the original 30-year loan at 3.08%
Interest already paid$21,168Through Dec 2026
Assumption only · ends Jul 2051$50,610
Assumption + second · ends Jul 2051, second Jan 2057$158,719
New conventional · ends Jan 2057$256,594