Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,205/mo
Lowest payment- Down payment
- $80,916
- Funds due
- $90,394
- Interest + MI left
- $81,270
- First ends
- Aug 2051
Assumption
Assumption + second
$1,632/mo
+$426/mo- Down payment
- $27,916
- Funds due
- $38,762
- Interest + MI left
- $181,792
- First ends
- Aug 2051
New loan
New conventional
$2,013/mo
+$807/mo- Down payment
- $27,916
- Funds due
- $35,631
- Interest + MI left
- $367,126
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $198,084 | $198,084 | $251,084 |
| Second mortgage | — | $53,000 | — |
| First P&I | $943.76 | $943.76 | $1,700.93 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | — | — | $50.22 |
| Taxes, insurance & HOA | $261.58 | $261.58 | $261.58 |
| Total housing payment | $1,205.35 | $1,631.80 | $2,012.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,916
Closing costs & prepaids$10,845
Usable credit−$0
Total buyer cash needed$38,762
Earnest money paid−$0
Remaining funds due$38,762
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$990.42
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)$334.75
Prepaid interest, first (9 days)$144.57
Prepaid interest, second (9 days)$117.62
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 8 moOf the original 30-year loan at 2.96%
Interest already paid$33,484Through Dec 2026
Assumption only · ends Aug 2051$81,270
Assumption + second · ends Aug 2051, second Jan 2057$181,792
New conventional · ends Jan 2057$367,126