Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,647/mo
Lowest payment- Down payment
- $132,362
- Funds due
- $143,696
- Interest + MI left
- $113,059
- First ends
- May 2051
Assumption
Assumption + second
$2,380/mo
+$732/mo- Down payment
- $41,362
- Funds due
- $54,080
- Interest + MI left
- $285,653
- First ends
- May 2051
New loan
New conventional
$2,885/mo
+$1,238/mo- Down payment
- $41,362
- Funds due
- $50,400
- Interest + MI left
- $539,010
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $277,638 | $277,638 | $368,638 |
| Second mortgage | — | $91,000 | — |
| First P&I | $1,333.44 | $1,333.44 | $2,497.28 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | — | — | $73.73 |
| Taxes, insurance & HOA | $314.00 | $314.00 | $314.00 |
| Total housing payment | $1,647.44 | $2,379.64 | $2,885.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,362
Closing costs & prepaids$12,718
Usable credit−$0
Total buyer cash needed$54,080
Earnest money paid−$0
Remaining funds due$54,080
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,388.19
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)$492.00
Prepaid interest, first (6 days)$135.55
Prepaid interest, second (6 days)$134.63
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 2.97%
Interest already paid$49,484Through Dec 2026
Assumption only · ends May 2051$113,059
Assumption + second · ends May 2051, second Jan 2057$285,653
New conventional · ends Jan 2057$539,010