Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,698/mo
Lowest payment- Down payment
- $97,306
- Funds due
- $108,575
- Interest + MI left
- $117,987
- First ends
- Nov 2051
Assumption
Assumption + second
$2,157/mo
+$459/mo- Down payment
- $40,306
- Funds due
- $52,909
- Interest + MI left
- $226,096
- First ends
- Nov 2051
New loan
New conventional
$2,782/mo
+$1,084/mo- Down payment
- $40,306
- Funds due
- $49,171
- Interest + MI left
- $518,550
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,694 | $297,694 | $354,694 |
| Second mortgage | — | $57,000 | — |
| First P&I | $1,390.24 | $1,390.24 | $2,402.82 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | — | — | $70.94 |
| Taxes, insurance & HOA | $308.00 | $308.00 | $308.00 |
| Total housing payment | $1,698.24 | $2,156.87 | $2,781.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,306
Closing costs & prepaids$12,604
Usable credit−$0
Total buyer cash needed$52,909
Earnest money paid−$0
Remaining funds due$52,909
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,488.47
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)$474.00
Prepaid interest, first (6 days)$138.98
Prepaid interest, second (6 days)$84.33
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 11 moOf the original 30-year loan at 2.84%
Interest already paid$45,899Through Dec 2026
Assumption only · ends Nov 2051$117,987
Assumption + second · ends Nov 2051, second Jan 2057$226,096
New conventional · ends Jan 2057$518,550