Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,837/mo
Lowest payment- Down payment
- $109,356
- Funds due
- $121,062
- Interest + MI left
- $122,851
- First ends
- Jan 2051
Assumption
Assumption + second
$2,368/mo
+$531/mo- Down payment
- $43,356
- Funds due
- $56,409
- Interest + MI left
- $248,029
- First ends
- Jan 2051
New loan
New conventional
$2,982/mo
+$1,144/mo- Down payment
- $43,356
- Funds due
- $52,558
- Interest + MI left
- $557,950
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $315,644 | $315,644 | $381,644 |
| Second mortgage | — | $66,000 | — |
| First P&I | $1,517.29 | $1,517.29 | $2,585.39 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | — | — | $76.33 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,837.29 | $2,368.34 | $2,981.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,356
Closing costs & prepaids$13,054
Usable credit−$0
Total buyer cash needed$56,409
Earnest money paid−$0
Remaining funds due$56,409
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,578.22
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)$510.00
Prepaid interest, first (6 days)$149.95
Prepaid interest, second (6 days)$97.64
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 1 moOf the original 30-year loan at 2.89%
Interest already paid$58,372Through Dec 2026
Assumption only · ends Jan 2051$122,851
Assumption + second · ends Jan 2051, second Jan 2057$248,029
New conventional · ends Jan 2057$557,950