Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,094/mo
Lowest payment- Down payment
- $156,730
- Funds due
- $166,625
- Interest + MI left
- $64,030
- First ends
- Apr 2051
Assumption
Assumption + second
$1,997/mo
+$903/mo- Down payment
- $33,730
- Funds due
- $45,118
- Interest + MI left
- $265,941
- First ends
- Apr 2051
New loan
New conventional
$2,348/mo
+$1,253/mo- Down payment
- $33,730
- Funds due
- $42,037
- Interest + MI left
- $432,990
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,170 | $173,170 | $296,170 |
| Second mortgage | — | $123,000 | — |
| First P&I | $812.33 | $812.33 | $2,006.36 |
| Second P&I | — | $902.53 | — |
| Mortgage insurance | — | — | $59.23 |
| Taxes, insurance & HOA | $282.00 | $282.00 | $282.00 |
| Total housing payment | $1,094.33 | $1,996.86 | $2,347.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,730
Closing costs & prepaids$11,388
Usable credit−$0
Total buyer cash needed$45,118
Earnest money paid−$0
Remaining funds due$45,118
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$865.85
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)$396.00
Prepaid interest, first (9 days)$116.57
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 4 moOf the original 30-year loan at 2.73%
Interest already paid$28,908Through Dec 2026
Assumption only · ends Apr 2051$64,030
Assumption + second · ends Apr 2051, second Jan 2057$265,941
New conventional · ends Jan 2057$432,990