Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,988/mo
Lowest payment- Down payment
- $47,016
- Funds due
- $58,652
- Interest + MI left
- $146,993
- First ends
- Oct 2051
Assumption
Assumption + second
$2,263/mo
+$275/mo- Down payment
- $20,016
- Funds due
- $32,955
- Interest + MI left
- $219,040
- First ends
- Oct 2051
New loan
New conventional
$2,960/mo
+$972/mo- Down payment
- $20,016
- Funds due
- $29,169
- Interest + MI left
- $557,651
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $352,984 | $352,984 | $379,984 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,677.77 | $1,677.77 | $2,574.14 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $76.00 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $1,987.77 | $2,262.90 | $2,960.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,016
Closing costs & prepaids$12,939
Usable credit−$0
Total buyer cash needed$32,955
Earnest money paid−$0
Remaining funds due$32,955
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,764.92
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)$480.00
Prepaid interest, first (6 days)$172.91
Prepaid interest, second (6 days)$52.71
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 10 moOf the original 30-year loan at 2.98%
Interest already paid$58,036Through Dec 2026
Assumption only · ends Oct 2051$146,993
Assumption + second · ends Oct 2051, second Jan 2057$219,040
New conventional · ends Jan 2057$557,651