Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,141/mo
Lowest payment- Down payment
- $52,575
- Funds due
- $61,505
- Interest + MI left
- $71,045
- First ends
- Apr 2051
Assumption
Assumption + second
$1,366/mo
+$225/mo- Down payment
- $24,575
- Funds due
- $34,768
- Interest + MI left
- $124,151
- First ends
- Apr 2051
New loan
New conventional
$1,808/mo
+$667/mo- Down payment
- $24,575
- Funds due
- $31,569
- Interest + MI left
- $332,773
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,425 | $191,425 | $219,425 |
| Second mortgage | — | $28,000 | — |
| First P&I | $895.80 | $895.80 | $1,519.25 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | — | — | $43.89 |
| Taxes, insurance & HOA | $245.17 | $245.17 | $245.17 |
| Total housing payment | $1,140.97 | $1,366.26 | $1,808.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,575
Closing costs & prepaids$10,193
Usable credit−$0
Total buyer cash needed$34,768
Earnest money paid−$0
Remaining funds due$34,768
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,440.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$957.12
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)$28.64
Prepaid interest, second (2 days)$13.81
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 2.730%
Interest already paid$31,443Through Nov 2026
Assumption only · ends Apr 2051$71,045
Assumption + second · ends Apr 2051, second Dec 2056$124,151
New conventional · ends Dec 2056$332,773