Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,006/mo
Lowest payment- Down payment
- $80,064
- Funds due
- $88,856
- Interest + MI left
- $66,489
- First ends
- Jul 2051
Assumption
Assumption + second
$1,457/mo
+$451/mo- Down payment
- $24,064
- Funds due
- $34,230
- Interest + MI left
- $172,701
- First ends
- Jul 2051
New loan
New conventional
$1,737/mo
+$731/mo- Down payment
- $24,064
- Funds due
- $31,293
- Interest + MI left
- $312,810
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $157,936 | $157,936 | $213,936 |
| Second mortgage | — | $56,000 | — |
| First P&I | $760.76 | $760.76 | $1,449.28 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | — | — | $42.79 |
| Taxes, insurance & HOA | $245.17 | $245.17 | $245.17 |
| Total housing payment | $1,005.93 | $1,456.52 | $1,737.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,064
Closing costs & prepaids$10,166
Usable credit−$0
Total buyer cash needed$34,230
Earnest money paid−$0
Remaining funds due$34,230
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,380.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$789.68
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)$285.50
Prepaid interest, first (9 days)$118.39
Prepaid interest, second (9 days)$124.27
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 3.04%
Interest already paid$27,860Through Dec 2026
Assumption only · ends Jul 2051$66,489
Assumption + second · ends Jul 2051, second Jan 2057$172,701
New conventional · ends Jan 2057$312,810