Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,145/mo
Lowest payment- Down payment
- $53,995
- Funds due
- $63,041
- Interest + MI left
- $70,909
- First ends
- Apr 2051
Assumption
Assumption + second
$1,378/mo
+$233/mo- Down payment
- $24,995
- Funds due
- $35,355
- Interest + MI left
- $125,911
- First ends
- Apr 2051
New loan
New conventional
$1,782/mo
+$637/mo- Down payment
- $24,995
- Funds due
- $32,304
- Interest + MI left
- $321,640
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,005 | $191,005 | $220,005 |
| Second mortgage | — | $29,000 | — |
| First P&I | $896.97 | $896.97 | $1,490.39 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | — | — | $44.00 |
| Taxes, insurance & HOA | $248.00 | $248.00 | $248.00 |
| Total housing payment | $1,144.97 | $1,378.31 | $1,782.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,995
Closing costs & prepaids$10,360
Usable credit−$0
Total buyer cash needed$35,355
Earnest money paid−$0
Remaining funds due$35,355
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$955.03
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)$294.00
Prepaid interest, first (9 days)$129.05
Prepaid interest, second (9 days)$64.36
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 4 moOf the original 30-year loan at 2.74%
Interest already paid$31,999Through Dec 2026
Assumption only · ends Apr 2051$70,909
Assumption + second · ends Apr 2051, second Jan 2057$125,911
New conventional · ends Jan 2057$321,640