Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,730/mo
Lowest payment- Down payment
- $74,618
- Funds due
- $85,752
- Interest + MI left
- $110,201
- First ends
- Mar 2051
Assumption
Assumption + second
$2,019/mo
+$290/mo- Down payment
- $38,618
- Funds due
- $51,056
- Interest + MI left
- $178,480
- First ends
- Mar 2051
New loan
New conventional
$2,682/mo
+$952/mo- Down payment
- $38,618
- Funds due
- $47,315
- Interest + MI left
- $498,942
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $305,282 | $305,282 | $341,282 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,427.77 | $1,427.77 | $2,311.96 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | — | — | $68.26 |
| Taxes, insurance & HOA | $302.00 | $302.00 | $302.00 |
| Total housing payment | $1,729.77 | $2,019.44 | $2,682.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,618
Closing costs & prepaids$12,437
Usable credit−$0
Total buyer cash needed$51,056
Earnest money paid−$0
Remaining funds due$51,056
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,526.41
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)$456.00
Prepaid interest, first (6 days)$134.49
Prepaid interest, second (6 days)$53.26
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 3 moOf the original 30-year loan at 2.68%
Interest already paid$50,863Through Dec 2026
Assumption only · ends Mar 2051$110,201
Assumption + second · ends Mar 2051, second Jan 2057$178,480
New conventional · ends Jan 2057$498,942