Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,143/mo
Lowest payment- Down payment
- $53,036
- Funds due
- $62,070
- Interest + MI left
- $70,610
- First ends
- Apr 2051
Assumption
Assumption + second
$1,369/mo
+$225/mo- Down payment
- $25,036
- Funds due
- $35,382
- Interest + MI left
- $123,716
- First ends
- Apr 2051
New loan
New conventional
$1,775/mo
+$631/mo- Down payment
- $25,036
- Funds due
- $32,331
- Interest + MI left
- $320,118
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $190,964 | $190,964 | $218,964 |
| Second mortgage | — | $28,000 | — |
| First P&I | $895.80 | $895.80 | $1,483.34 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | — | — | $43.79 |
| Taxes, insurance & HOA | $247.58 | $247.58 | $247.58 |
| Total housing payment | $1,143.39 | $1,368.68 | $1,774.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,036
Closing costs & prepaids$10,346
Usable credit−$0
Total buyer cash needed$35,382
Earnest money paid−$0
Remaining funds due$35,382
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,440.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$954.82
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)$292.75
Prepaid interest, first (9 days)$128.55
Prepaid interest, second (9 days)$62.14
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 2.73%
Interest already paid$31,879Through Dec 2026
Assumption only · ends Apr 2051$70,610
Assumption + second · ends Apr 2051, second Jan 2057$123,716
New conventional · ends Jan 2057$320,118