Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,716/mo
Lowest payment- Down payment
- $57,722
- Funds due
- $68,606
- Interest + MI left
- $115,421
- First ends
- May 2051
Assumption
Assumption + second
$2,113/mo
+$397/mo- Down payment
- $18,722
- Funds due
- $30,932
- Interest + MI left
- $219,489
- First ends
- May 2051
New loan
New conventional
$2,667/mo
+$951/mo- Down payment
- $18,722
- Funds due
- $27,382
- Interest + MI left
- $499,312
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,278 | $301,278 | $340,278 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,422.18 | $1,422.18 | $2,305.16 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | — | — | $68.06 |
| Taxes, insurance & HOA | $293.58 | $293.58 | $293.58 |
| Total housing payment | $1,715.76 | $2,113.17 | $2,666.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,722
Closing costs & prepaids$12,210
Usable credit−$0
Total buyer cash needed$30,932
Earnest money paid−$0
Remaining funds due$30,932
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,590.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,506.39
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)$430.75
Prepaid interest, first (6 days)$139.17
Prepaid interest, second (6 days)$76.13
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 5 moOf the original 30-year loan at 2.81%
Interest already paid$50,893Through Dec 2026
Assumption only · ends May 2051$115,421
Assumption + second · ends May 2051, second Jan 2057$219,489
New conventional · ends Jan 2057$499,312