Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,068/mo
Lowest payment- Down payment
- $75,919
- Funds due
- $84,890
- Interest + MI left
- $69,542
- First ends
- Oct 2051
Assumption
Assumption + second
$1,470/mo
+$402/mo- Down payment
- $25,919
- Funds due
- $36,214
- Interest + MI left
- $164,374
- First ends
- Oct 2051
New loan
New conventional
$1,813/mo
+$745/mo- Down payment
- $25,919
- Funds due
- $33,149
- Interest + MI left
- $327,554
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $174,081 | $174,081 | $224,081 |
| Second mortgage | — | $50,000 | — |
| First P&I | $817.52 | $817.52 | $1,518.00 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | — | — | $44.82 |
| Taxes, insurance & HOA | $250.00 | $250.00 | $250.00 |
| Total housing payment | $1,067.52 | $1,469.84 | $1,812.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,919
Closing costs & prepaids$10,295
Usable credit−$0
Total buyer cash needed$36,214
Earnest money paid−$0
Remaining funds due$36,214
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$870.40
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)$300.00
Prepaid interest, first (6 days)$82.13
Prepaid interest, second (6 days)$73.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 2.87%
Interest already paid$27,595Through Dec 2026
Assumption only · ends Oct 2051$69,542
Assumption + second · ends Oct 2051, second Jan 2057$164,374
New conventional · ends Jan 2057$327,554