Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$707/mo
Lowest payment- Down payment
- $81,153
- Funds due
- $89,034
- Interest + MI left
- $40,054
- First ends
- Oct 2051
Assumption
Assumption + second
$1,206/mo
+$499/mo- Down payment
- $19,153
- Funds due
- $28,421
- Interest + MI left
- $157,646
- First ends
- Oct 2051
New loan
New conventional
$1,381/mo
+$674/mo- Down payment
- $19,153
- Funds due
- $25,752
- Interest + MI left
- $242,429
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $103,847 | $103,847 | $165,847 |
| Second mortgage | — | $62,000 | — |
| First P&I | $482.89 | $482.89 | $1,123.51 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | — | — | $33.17 |
| Taxes, insurance & HOA | $224.00 | $224.00 | $224.00 |
| Total housing payment | $706.89 | $1,205.75 | $1,380.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,153
Closing costs & prepaids$9,268
Usable credit−$0
Total buyer cash needed$28,421
Earnest money paid−$0
Remaining funds due$28,421
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$519.23
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)$222.00
Prepaid interest, first (9 days)$71.18
Prepaid interest, second (9 days)$137.59
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 10 moOf the original 30-year loan at 2.78%
Interest already paid$15,960Through Dec 2026
Assumption only · ends Oct 2051$40,054
Assumption + second · ends Oct 2051, second Jan 2057$157,646
New conventional · ends Jan 2057$242,429