Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,518/mo
Lowest payment- Down payment
- $86,407
- Funds due
- $96,861
- Interest + MI left
- $107,602
- First ends
- Jul 2051
Assumption
Assumption + second
$1,936/mo
+$418/mo- Down payment
- $34,407
- Funds due
- $46,188
- Interest + MI left
- $206,228
- First ends
- Jul 2051
New loan
New conventional
$2,432/mo
+$914/mo- Down payment
- $34,407
- Funds due
- $42,681
- Interest + MI left
- $449,752
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,593 | $255,593 | $307,593 |
| Second mortgage | — | $52,000 | — |
| First P&I | $1,231.17 | $1,231.17 | $2,083.74 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | — | — | $61.52 |
| Taxes, insurance & HOA | $286.83 | $286.83 | $286.83 |
| Total housing payment | $1,518.00 | $1,936.41 | $2,432.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,407
Closing costs & prepaids$11,781
Usable credit−$0
Total buyer cash needed$46,188
Earnest money paid−$0
Remaining funds due$46,188
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,420.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,277.97
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)$410.50
Prepaid interest, first (6 days)$127.73
Prepaid interest, second (6 days)$76.93
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 7 moOf the original 30-year loan at 3.04%
Interest already paid$45,087Through Dec 2026
Assumption only · ends Jul 2051$107,602
Assumption + second · ends Jul 2051, second Jan 2057$206,228
New conventional · ends Jan 2057$449,752