Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,142/mo
Lowest payment- Down payment
- $53,535
- Funds due
- $62,474
- Interest + MI left
- $71,346
- First ends
- Apr 2051
Assumption
Assumption + second
$1,375/mo
+$233/mo- Down payment
- $24,535
- Funds due
- $34,739
- Interest + MI left
- $126,348
- First ends
- Apr 2051
New loan
New conventional
$1,816/mo
+$674/mo- Down payment
- $24,535
- Funds due
- $31,540
- Interest + MI left
- $334,350
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,465 | $191,465 | $220,465 |
| Second mortgage | — | $29,000 | — |
| First P&I | $896.97 | $896.97 | $1,526.46 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | — | — | $44.09 |
| Taxes, insurance & HOA | $245.17 | $245.17 | $245.17 |
| Total housing payment | $1,142.13 | $1,375.47 | $1,815.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,535
Closing costs & prepaids$10,204
Usable credit−$0
Total buyer cash needed$34,739
Earnest money paid−$0
Remaining funds due$34,739
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$957.33
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)$285.50
Prepaid interest, first (2 days)$28.75
Prepaid interest, second (2 days)$14.30
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 5 moOf the original 30-year loan at 2.740%
Interest already paid$31,562Through Nov 2026
Assumption only · ends Apr 2051$71,346
Assumption + second · ends Apr 2051, second Dec 2056$126,348
New conventional · ends Dec 2056$334,350