Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,172/mo
Lowest payment- Down payment
- $70,764
- Funds due
- $80,077
- Interest + MI left
- $79,476
- First ends
- Dec 2051
Assumption
Assumption + second
$1,526/mo
+$354/mo- Down payment
- $26,764
- Funds due
- $37,424
- Interest + MI left
- $162,929
- First ends
- Dec 2051
New loan
New conventional
$1,925/mo
+$753/mo- Down payment
- $26,764
- Funds due
- $34,324
- Interest + MI left
- $349,801
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $195,235 | $195,235 | $239,235 |
| Second mortgage | — | $44,000 | — |
| First P&I | $915.71 | $915.71 | $1,620.66 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | — | — | $47.85 |
| Taxes, insurance & HOA | $256.42 | $256.42 | $256.42 |
| Total housing payment | $1,172.12 | $1,526.16 | $1,924.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,764
Closing costs & prepaids$10,661
Usable credit−$0
Total buyer cash needed$37,424
Earnest money paid−$0
Remaining funds due$37,424
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,659.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$976.18
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)$319.25
Prepaid interest, first (9 days)$139.61
Prepaid interest, second (9 days)$97.64
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 closing25 yrOf the original 30-year loan at 2.9%
Interest already paid$30,178Through Dec 2026
Assumption only · ends Dec 2051$79,476
Assumption + second · ends Dec 2051, second Jan 2057$162,929
New conventional · ends Jan 2057$349,801