Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$990/mo
Lowest payment- Down payment
- $131,349
- Funds due
- $140,588
- Interest + MI left
- $60,964
- First ends
- May 2051
Assumption
Assumption + second
$1,731/mo
+$741/mo- Down payment
- $30,349
- Funds due
- $40,883
- Interest + MI left
- $226,761
- First ends
- May 2051
New loan
New conventional
$2,111/mo
+$1,121/mo- Down payment
- $30,349
- Funds due
- $37,756
- Interest + MI left
- $401,255
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $163,651 | $163,651 | $264,651 |
| Second mortgage | — | $101,000 | — |
| First P&I | $764.00 | $764.00 | $1,832.39 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | — | — | $52.93 |
| Taxes, insurance & HOA | $226.17 | $226.17 | $226.17 |
| Total housing payment | $990.16 | $1,731.27 | $2,111.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,349
Closing costs & prepaids$10,534
Usable credit−$0
Total buyer cash needed$40,883
Earnest money paid−$0
Remaining funds due$40,883
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$818.25
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)$228.50
Prepaid interest, first (2 days)$24.48
Prepaid interest, second (2 days)$44.27
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 6 moOf the original 30-year loan at 2.730%
Interest already paid$26,445Through Nov 2026
Assumption only · ends May 2051$60,964
Assumption + second · ends May 2051, second Dec 2056$226,761
New conventional · ends Dec 2056$401,255