Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$906/mo
Lowest payment- Down payment
- $81,602
- Funds due
- $90,060
- Interest + MI left
- $52,772
- First ends
- Mar 2051
Assumption
Assumption + second
$1,380/mo
+$475/mo- Down payment
- $22,602
- Funds due
- $32,339
- Interest + MI left
- $164,674
- First ends
- Mar 2051
New loan
New conventional
$1,675/mo
+$770/mo- Down payment
- $22,602
- Funds due
- $29,385
- Interest + MI left
- $306,799
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $143,298 | $143,298 | $202,298 |
| Second mortgage | — | $59,000 | — |
| First P&I | $671.47 | $671.47 | $1,400.67 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | — | — | $40.46 |
| Taxes, insurance & HOA | $234.17 | $234.17 | $234.17 |
| Total housing payment | $905.64 | $1,380.36 | $1,675.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,602
Closing costs & prepaids$9,736
Usable credit−$0
Total buyer cash needed$32,339
Earnest money paid−$0
Remaining funds due$32,339
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$716.49
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)$252.50
Prepaid interest, first (2 days)$21.36
Prepaid interest, second (2 days)$29.10
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2.720%
Interest already paid$23,837Through Nov 2026
Assumption only · ends Mar 2051$52,772
Assumption + second · ends Mar 2051, second Dec 2056$164,674
New conventional · ends Dec 2056$306,799