Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,727/mo
Lowest payment- Down payment
- $47,601
- Funds due
- $58,398
- Interest + MI left
- $124,531
- First ends
- Sep 2051
Assumption
Assumption + second
$2,033/mo
+$306/mo- Down payment
- $17,601
- Funds due
- $29,706
- Interest + MI left
- $204,583
- First ends
- Sep 2051
New loan
New conventional
$2,608/mo
+$881/mo- Down payment
- $17,601
- Funds due
- $26,162
- Interest + MI left
- $487,817
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,399 | $302,399 | $332,399 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,437.48 | $1,437.48 | $2,251.79 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | — | — | $66.48 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $1,727.48 | $2,033.18 | $2,608.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,601
Closing costs & prepaids$12,106
Usable credit−$0
Total buyer cash needed$29,706
Earnest money paid−$0
Remaining funds due$29,706
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,512.00
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)$420.00
Prepaid interest, first (6 days)$147.14
Prepaid interest, second (6 days)$58.56
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 9 moOf the original 30-year loan at 2.96%
Interest already paid$50,255Through Dec 2026
Assumption only · ends Sep 2051$124,531
Assumption + second · ends Sep 2051, second Jan 2057$204,583
New conventional · ends Jan 2057$487,817