Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$921/mo
Lowest payment- Down payment
- $106,582
- Funds due
- $115,414
- Interest + MI left
- $53,228
- First ends
- May 2051
Assumption
Assumption + second
$1,573/mo
+$652/mo- Down payment
- $25,582
- Funds due
- $35,843
- Interest + MI left
- $206,856
- First ends
- May 2051
New loan
New conventional
$1,815/mo
+$894/mo- Down payment
- $25,582
- Funds due
- $32,948
- Interest + MI left
- $328,091
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $143,418 | $143,418 | $224,418 |
| Second mortgage | — | $81,000 | — |
| First P&I | $671.15 | $671.15 | $1,520.29 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | — | — | $44.88 |
| Taxes, insurance & HOA | $250.00 | $250.00 | $250.00 |
| Total housing payment | $921.15 | $1,572.89 | $1,815.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,582
Closing costs & prepaids$10,261
Usable credit−$0
Total buyer cash needed$35,843
Earnest money paid−$0
Remaining funds due$35,843
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%)$717.09
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 (9 days)$96.54
Prepaid interest, second (9 days)$179.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.73%
Interest already paid$23,558Through Dec 2026
Assumption only · ends May 2051$53,228
Assumption + second · ends May 2051, second Jan 2057$206,856
New conventional · ends Jan 2057$328,091