Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,277/mo
Lowest payment- Down payment
- $150,937
- Funds due
- $161,314
- Interest + MI left
- $80,421
- First ends
- Feb 2051
Assumption
Assumption + second
$2,121/mo
+$844/mo- Down payment
- $35,937
- Funds due
- $47,791
- Interest + MI left
- $269,199
- First ends
- Feb 2051
New loan
New conventional
$2,525/mo
+$1,248/mo- Down payment
- $35,937
- Funds due
- $44,557
- Interest + MI left
- $467,985
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,063 | $205,063 | $320,063 |
| Second mortgage | — | $115,000 | — |
| First P&I | $984.43 | $984.43 | $2,168.22 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | — | — | $64.01 |
| Taxes, insurance & HOA | $292.42 | $292.42 | $292.42 |
| Total housing payment | $1,276.84 | $2,120.67 | $2,524.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,937
Closing costs & prepaids$11,854
Usable credit−$0
Total buyer cash needed$47,791
Earnest money paid−$0
Remaining funds due$47,791
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,560.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,025.31
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)$427.25
Prepaid interest, first (9 days)$146.63
Prepaid interest, second (9 days)$226.85
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 2 moOf the original 30-year loan at 2.9%
Interest already paid$37,463Through Dec 2026
Assumption only · ends Feb 2051$80,421
Assumption + second · ends Feb 2051, second Jan 2057$269,199
New conventional · ends Jan 2057$467,985