Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,598/mo
Lowest payment- Down payment
- $135,024
- Funds due
- $146,357
- Interest + MI left
- $108,943
- First ends
- Nov 2051
Assumption
Assumption + second
$2,354/mo
+$756/mo- Down payment
- $41,024
- Funds due
- $53,769
- Interest + MI left
- $287,228
- First ends
- Nov 2051
New loan
New conventional
$2,887/mo
+$1,289/mo- Down payment
- $41,024
- Funds due
- $50,138
- Interest + MI left
- $539,358
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,876 | $274,876 | $368,876 |
| Second mortgage | — | $94,000 | — |
| First P&I | $1,283.68 | $1,283.68 | $2,498.89 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | — | — | $73.78 |
| Taxes, insurance & HOA | $314.00 | $314.00 | $314.00 |
| Total housing payment | $1,597.68 | $2,354.02 | $2,886.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,024
Closing costs & prepaids$12,745
Usable credit−$0
Total buyer cash needed$53,769
Earnest money paid−$0
Remaining funds due$53,769
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,374.38
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)$492.00
Prepaid interest, first (7 days)$149.71
Prepaid interest, second (7 days)$162.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2.84%
Interest already paid$42,381Through Dec 2026
Assumption only · ends Nov 2051$108,943
Assumption + second · ends Nov 2051, second Jan 2057$287,228
New conventional · ends Jan 2057$539,358