Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,949/mo
Lowest payment- Down payment
- $69,883
- Funds due
- $81,593
- Interest + MI left
- $139,841
- First ends
- Jul 2051
Assumption
Assumption + second
$2,174/mo
+$225/mo- Down payment
- $41,883
- Funds due
- $54,884
- Interest + MI left
- $192,947
- First ends
- Jul 2051
New loan
New conventional
$2,896/mo
+$948/mo- Down payment
- $41,883
- Funds due
- $50,941
- Interest + MI left
- $541,098
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $342,117 | $342,117 | $370,117 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,633.76 | $1,633.76 | $2,507.30 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | — | — | $74.02 |
| Taxes, insurance & HOA | $314.83 | $314.83 | $314.83 |
| Total housing payment | $1,948.59 | $2,173.88 | $2,896.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,883
Closing costs & prepaids$13,001
Usable credit−$0
Total buyer cash needed$54,884
Earnest money paid−$0
Remaining funds due$54,884
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,120.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,710.58
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)$494.50
Prepaid interest, first (6 days)$166.47
Prepaid interest, second (6 days)$41.42
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 2.96%
Interest already paid$58,811Through Dec 2026
Assumption only · ends Jul 2051$139,841
Assumption + second · ends Jul 2051, second Jan 2057$192,947
New conventional · ends Jan 2057$541,098