Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,300/mo
Lowest payment- Down payment
- $57,170
- Funds due
- $66,663
- Interest + MI left
- $89,039
- First ends
- Jul 2051
Assumption
Assumption + second
$1,534/mo
+$233/mo- Down payment
- $28,170
- Funds due
- $38,956
- Interest + MI left
- $144,042
- First ends
- Jul 2051
New loan
New conventional
$1,981/mo
+$681/mo- Down payment
- $28,170
- Funds due
- $35,685
- Interest + MI left
- $360,857
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,830 | $217,830 | $246,830 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,040.24 | $1,040.24 | $1,672.11 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | — | — | $49.37 |
| Taxes, insurance & HOA | $260.00 | $260.00 | $260.00 |
| Total housing payment | $1,300.24 | $1,533.58 | $1,981.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,170
Closing costs & prepaids$10,786
Usable credit−$0
Total buyer cash needed$38,956
Earnest money paid−$0
Remaining funds due$38,956
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,089.15
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)$330.00
Prepaid interest, first (6 days)$105.99
Prepaid interest, second (6 days)$42.90
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 2.96%
Interest already paid$37,446Through Dec 2026
Assumption only · ends Jul 2051$89,039
Assumption + second · ends Jul 2051, second Jan 2057$144,042
New conventional · ends Jan 2057$360,857