Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$887/mo
Lowest payment- Down payment
- $193,930
- Funds due
- $203,457
- Interest + MI left
- $53,806
- First ends
- Jul 2051
Assumption
Assumption + second
$2,069/mo
+$1,181/mo- Down payment
- $32,930
- Funds due
- $44,024
- Interest + MI left
- $318,096
- First ends
- Jul 2051
New loan
New conventional
$2,279/mo
+$1,392/mo- Down payment
- $32,930
- Funds due
- $41,117
- Interest + MI left
- $419,540
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $125,970 | $125,970 | $286,970 |
| Second mortgage | — | $161,000 | — |
| First P&I | $609.41 | $609.41 | $1,944.03 |
| Second P&I | — | $1,181.36 | — |
| Mortgage insurance | — | — | $57.39 |
| Taxes, insurance & HOA | $278.00 | $278.00 | $278.00 |
| Total housing payment | $887.41 | $2,068.77 | $2,279.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,930
Closing costs & prepaids$11,094
Usable credit−$0
Total buyer cash needed$44,024
Earnest money paid−$0
Remaining funds due$44,024
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$629.85
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)$384.00
Prepaid interest, first (9 days)$95.67
Prepaid interest, second (9 days)$317.59
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$22,505Through Dec 2026
Assumption only · ends Jul 2051$53,806
Assumption + second · ends Jul 2051, second Jan 2057$318,096
New conventional · ends Jan 2057$419,540