Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,619/mo
Lowest payment- Down payment
- $107,024
- Funds due
- $118,069
- Interest + MI left
- $103,616
- First ends
- Feb 2051
Assumption
Assumption + second
$2,167/mo
+$547/mo- Down payment
- $39,024
- Funds due
- $51,420
- Interest + MI left
- $232,588
- First ends
- Feb 2051
New loan
New conventional
$2,716/mo
+$1,097/mo- Down payment
- $39,024
- Funds due
- $47,778
- Interest + MI left
- $505,728
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $277,876 | $277,876 | $345,876 |
| Second mortgage | — | $68,000 | — |
| First P&I | $1,315.49 | $1,315.49 | $2,343.08 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | — | — | $69.18 |
| Taxes, insurance & HOA | $304.00 | $304.00 | $304.00 |
| Total housing payment | $1,619.49 | $2,166.63 | $2,716.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,024
Closing costs & prepaids$12,396
Usable credit−$0
Total buyer cash needed$51,420
Earnest money paid−$0
Remaining funds due$51,420
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,849.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,389.38
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)$462.00
Prepaid interest, first (6 days)$126.53
Prepaid interest, second (6 days)$100.60
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 2 moOf the original 30-year loan at 2.77%
Interest already paid$48,561Through Dec 2026
Assumption only · ends Feb 2051$103,616
Assumption + second · ends Feb 2051, second Jan 2057$232,588
New conventional · ends Jan 2057$505,728