Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$698/mo
Lowest payment- Down payment
- $80,911
- Funds due
- $88,710
- Interest + MI left
- $40,295
- First ends
- Oct 2051
Assumption
Assumption + second
$1,197/mo
+$499/mo- Down payment
- $18,911
- Funds due
- $27,990
- Interest + MI left
- $157,887
- First ends
- Oct 2051
New loan
New conventional
$1,398/mo
+$700/mo- Down payment
- $18,911
- Funds due
- $25,258
- Interest + MI left
- $251,852
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $104,089 | $104,089 | $166,089 |
| Second mortgage | — | $62,000 | — |
| First P&I | $482.89 | $482.89 | $1,149.97 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | — | — | $33.22 |
| Taxes, insurance & HOA | $214.75 | $214.75 | $214.75 |
| Total housing payment | $697.64 | $1,196.50 | $1,397.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,911
Closing costs & prepaids$9,079
Usable credit−$0
Total buyer cash needed$27,990
Earnest money paid−$0
Remaining funds due$27,990
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$1,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$520.44
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)$194.25
Prepaid interest, first (2 days)$15.86
Prepaid interest, second (2 days)$30.58
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 11 moOf the original 30-year loan at 2.780%
Interest already paid$15,719Through Nov 2026
Assumption only · ends Oct 2051$40,295
Assumption + second · ends Oct 2051, second Dec 2056$157,887
New conventional · ends Dec 2056$251,852