Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,119/mo
Lowest payment- Down payment
- $53,778
- Funds due
- $66,130
- Interest + MI left
- $133,038
- First ends
- Jun 2051
Assumption
Assumption + second
$2,435/mo
+$316/mo- Down payment
- $22,778
- Funds due
- $36,441
- Interest + MI left
- $215,759
- First ends
- Jun 2051
New loan
New conventional
$3,288/mo
+$1,169/mo- Down payment
- $22,778
- Funds due
- $32,482
- Interest + MI left
- $622,574
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $393,222 | $393,222 | $424,222 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,790.00 | $1,790.00 | $2,873.83 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | — | — | $84.84 |
| Taxes, insurance & HOA | $328.83 | $328.83 | $328.83 |
| Total housing payment | $2,118.83 | $2,434.72 | $3,287.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,778
Closing costs & prepaids$13,663
Usable credit−$0
Total buyer cash needed$36,441
Earnest money paid−$0
Remaining funds due$36,441
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,470.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,966.11
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)$536.50
Prepaid interest, first (6 days)$161.60
Prepaid interest, second (6 days)$60.51
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 6 moOf the original 30-year loan at 2.5%
Interest already paid$58,336Through Dec 2026
Assumption only · ends Jun 2051$133,038
Assumption + second · ends Jun 2051, second Jan 2057$215,759
New conventional · ends Jan 2057$622,574