Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,796/mo
Lowest payment- Down payment
- $89,555
- Funds due
- $100,957
- Interest + MI left
- $127,843
- First ends
- Jul 2051
Assumption
Assumption + second
$2,190/mo
+$394/mo- Down payment
- $40,555
- Funds due
- $53,280
- Interest + MI left
- $220,779
- First ends
- Jul 2051
New loan
New conventional
$2,817/mo
+$1,021/mo- Down payment
- $40,555
- Funds due
- $49,479
- Interest + MI left
- $525,568
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $310,445 | $310,445 | $359,445 |
| Second mortgage | — | $49,000 | — |
| First P&I | $1,485.72 | $1,485.72 | $2,435.01 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | — | — | $71.89 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $1,795.72 | $2,189.99 | $2,816.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,555
Closing costs & prepaids$12,725
Usable credit−$0
Total buyer cash needed$53,280
Earnest money paid−$0
Remaining funds due$53,280
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%)$1,552.22
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)$152.08
Prepaid interest, second (6 days)$72.49
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 2.98%
Interest already paid$53,716Through Dec 2026
Assumption only · ends Jul 2051$127,843
Assumption + second · ends Jul 2051, second Jan 2057$220,779
New conventional · ends Jan 2057$525,568