Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$929/mo
Lowest payment- Down payment
- $149,683
- Funds due
- $158,947
- Interest + MI left
- $53,136
- First ends
- Apr 2051
Assumption
Assumption + second
$1,809/mo
+$881/mo- Down payment
- $29,683
- Funds due
- $40,434
- Interest + MI left
- $250,122
- First ends
- Apr 2051
New loan
New conventional
$2,082/mo
+$1,153/mo- Down payment
- $29,683
- Funds due
- $37,520
- Interest + MI left
- $380,574
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $140,317 | $140,317 | $260,317 |
| Second mortgage | — | $120,000 | — |
| First P&I | $662.51 | $662.51 | $1,763.48 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | — | — | $52.06 |
| Taxes, insurance & HOA | $266.00 | $266.00 | $266.00 |
| Total housing payment | $928.51 | $1,809.03 | $2,081.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,683
Closing costs & prepaids$10,751
Usable credit−$0
Total buyer cash needed$40,434
Earnest money paid−$0
Remaining funds due$40,434
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$701.59
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)$348.00
Prepaid interest, first (9 days)$96.53
Prepaid interest, second (9 days)$236.71
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 2.79%
Interest already paid$23,923Through Dec 2026
Assumption only · ends Apr 2051$53,136
Assumption + second · ends Apr 2051, second Jan 2057$250,122
New conventional · ends Jan 2057$380,574