Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,596/mo
Lowest payment- Down payment
- $177,904
- Funds due
- $189,654
- Interest + MI left
- $107,445
- First ends
- Nov 2051
Assumption
Assumption + second
$2,572/mo
+$976/mo- Down payment
- $44,904
- Funds due
- $58,108
- Interest + MI left
- $325,771
- First ends
- Nov 2051
New loan
New conventional
$3,148/mo
+$1,552/mo- Down payment
- $44,904
- Funds due
- $54,465
- Interest + MI left
- $590,855
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,096 | $271,096 | $404,096 |
| Second mortgage | — | $133,000 | — |
| First P&I | $1,266.02 | $1,266.02 | $2,737.49 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | — | — | $80.82 |
| Taxes, insurance & HOA | $329.58 | $329.58 | $329.58 |
| Total housing payment | $1,595.61 | $2,571.51 | $3,147.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,904
Closing costs & prepaids$13,204
Usable credit−$0
Total buyer cash needed$58,108
Earnest money paid−$0
Remaining funds due$58,108
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,355.48
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)$538.75
Prepaid interest, first (7 days)$147.65
Prepaid interest, second (7 days)$204.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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$41,798Through Dec 2026
Assumption only · ends Nov 2051$107,445
Assumption + second · ends Nov 2051, second Jan 2057$325,771
New conventional · ends Jan 2057$590,855