Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,903/mo
Lowest payment- Down payment
- $44,107
- Funds due
- $55,271
- Interest + MI left
- $147,715
- First ends
- Jul 2051
Assumption
Assumption + second
$2,158/mo
+$255/mo- Down payment
- $19,107
- Funds due
- $31,570
- Interest + MI left
- $214,425
- First ends
- Jul 2051
New loan
New conventional
$2,745/mo
+$841/mo- Down payment
- $19,107
- Funds due
- $27,898
- Interest + MI left
- $514,742
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $325,793 | $325,793 | $350,793 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,605.11 | $1,605.11 | $2,376.39 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $70.16 |
| Taxes, insurance & HOA | $298.00 | $298.00 | $298.00 |
| Total housing payment | $1,903.11 | $2,157.86 | $2,744.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,107
Closing costs & prepaids$12,463
Usable credit−$0
Total buyer cash needed$31,570
Earnest money paid−$0
Remaining funds due$31,570
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,628.97
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)$444.00
Prepaid interest, first (6 days)$174.05
Prepaid interest, second (6 days)$48.80
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 3.25%
Interest already paid$61,309Through Dec 2026
Assumption only · ends Jul 2051$147,715
Assumption + second · ends Jul 2051, second Jan 2057$214,425
New conventional · ends Jan 2057$514,742