Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,679/mo
Lowest payment- Down payment
- $56,656
- Funds due
- $67,479
- Interest + MI left
- $116,411
- First ends
- Nov 2051
Assumption
Assumption + second
$2,066/mo
+$387/mo- Down payment
- $18,656
- Funds due
- $30,803
- Interest + MI left
- $217,810
- First ends
- Nov 2051
New loan
New conventional
$2,638/mo
+$959/mo- Down payment
- $18,656
- Funds due
- $27,267
- Interest + MI left
- $493,540
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $298,344 | $298,344 | $336,344 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,387.14 | $1,387.14 | $2,278.51 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | — | — | $67.27 |
| Taxes, insurance & HOA | $292.00 | $292.00 | $292.00 |
| Total housing payment | $1,679.14 | $2,066.36 | $2,637.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,656
Closing costs & prepaids$12,147
Usable credit−$0
Total buyer cash needed$30,803
Earnest money paid−$0
Remaining funds due$30,803
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,491.72
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)$426.00
Prepaid interest, first (6 days)$137.32
Prepaid interest, second (6 days)$74.18
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 2.8%
Interest already paid$45,369Through Dec 2026
Assumption only · ends Nov 2051$116,411
Assumption + second · ends Nov 2051, second Jan 2057$217,810
New conventional · ends Jan 2057$493,540