Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,009/mo
Lowest payment- Down payment
- $48,633
- Funds due
- $60,264
- Interest + MI left
- $150,037
- First ends
- Jul 2051
Assumption
Assumption + second
$2,295/mo
+$285/mo- Down payment
- $20,633
- Funds due
- $33,569
- Interest + MI left
- $224,752
- First ends
- Jul 2051
New loan
New conventional
$2,955/mo
+$946/mo- Down payment
- $20,633
- Funds due
- $29,778
- Interest + MI left
- $556,523
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,267 | $351,267 | $379,267 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,699.34 | $1,699.34 | $2,569.29 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | — | — | $75.85 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $2,009.34 | $2,294.66 | $2,955.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,633
Closing costs & prepaids$12,936
Usable credit−$0
Total buyer cash needed$33,569
Earnest money paid−$0
Remaining funds due$33,569
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,756.34
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)$480.00
Prepaid interest, first (6 days)$177.85
Prepaid interest, second (6 days)$54.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 7 moOf the original 30-year loan at 3.08%
Interest already paid$62,754Through Dec 2026
Assumption only · ends Jul 2051$150,037
Assumption + second · ends Jul 2051, second Jan 2057$224,752
New conventional · ends Jan 2057$556,523