Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,289/mo
Lowest payment- Down payment
- $159,899
- Funds due
- $170,387
- Interest + MI left
- $87,920
- First ends
- Jul 2051
Assumption
Assumption + second
$2,192/mo
+$903/mo- Down payment
- $36,899
- Funds due
- $48,880
- Interest + MI left
- $289,831
- First ends
- Jul 2051
New loan
New conventional
$2,584/mo
+$1,295/mo- Down payment
- $36,899
- Funds due
- $45,624
- Interest + MI left
- $479,738
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,101 | $205,101 | $328,101 |
| Second mortgage | — | $123,000 | — |
| First P&I | $993.29 | $993.29 | $2,222.67 |
| Second P&I | — | $902.53 | — |
| Mortgage insurance | — | — | $65.62 |
| Taxes, insurance & HOA | $296.00 | $296.00 | $296.00 |
| Total housing payment | $1,289.29 | $2,191.82 | $2,584.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,899
Closing costs & prepaids$11,980
Usable credit−$0
Total buyer cash needed$48,880
Earnest money paid−$0
Remaining funds due$48,880
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,025.50
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)$438.00
Prepaid interest, first (9 days)$156.27
Prepaid interest, second (9 days)$242.63
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 3.09%
Interest already paid$36,756Through Dec 2026
Assumption only · ends Jul 2051$87,920
Assumption + second · ends Jul 2051, second Jan 2057$289,831
New conventional · ends Jan 2057$479,738