Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,242/mo
Lowest payment- Down payment
- $125,563
- Funds due
- $135,591
- Interest + MI left
- $75,895
- First ends
- Apr 2051
Assumption
Assumption + second
$1,982/mo
+$740/mo- Down payment
- $33,563
- Funds due
- $44,977
- Interest + MI left
- $250,386
- First ends
- Apr 2051
New loan
New conventional
$2,349/mo
+$1,107/mo- Down payment
- $33,563
- Funds due
- $41,698
- Interest + MI left
- $433,381
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $204,437 | $204,437 | $296,437 |
| Second mortgage | — | $92,000 | — |
| First P&I | $960.04 | $960.04 | $2,008.17 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | — | — | $59.29 |
| Taxes, insurance & HOA | $282.00 | $282.00 | $282.00 |
| Total housing payment | $1,242.04 | $1,982.30 | $2,349.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,563
Closing costs & prepaids$11,414
Usable credit−$0
Total buyer cash needed$44,977
Earnest money paid−$0
Remaining funds due$44,977
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,022.19
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 (6 days)$92.08
Prepaid interest, second (6 days)$136.11
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 4 moOf the original 30-year loan at 2.74%
Interest already paid$34,249Through Dec 2026
Assumption only · ends Apr 2051$75,895
Assumption + second · ends Apr 2051, second Jan 2057$250,386
New conventional · ends Jan 2057$433,381