Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,793/mo
Lowest payment- Down payment
- $59,921
- Funds due
- $71,066
- Interest + MI left
- $128,300
- First ends
- Sep 2051
Assumption
Assumption + second
$2,211/mo
+$418/mo- Down payment
- $18,921
- Funds due
- $31,396
- Interest + MI left
- $237,705
- First ends
- Sep 2051
New loan
New conventional
$2,783/mo
+$991/mo- Down payment
- $18,921
- Funds due
- $27,777
- Interest + MI left
- $522,569
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $315,079 | $315,079 | $356,079 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,492.86 | $1,492.86 | $2,412.20 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | — | — | $71.22 |
| Taxes, insurance & HOA | $300.00 | $300.00 | $300.00 |
| Total housing payment | $1,792.86 | $2,210.65 | $2,783.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,921
Closing costs & prepaids$12,475
Usable credit−$0
Total buyer cash needed$31,396
Earnest money paid−$0
Remaining funds due$31,396
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,575.40
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)$450.00
Prepaid interest, first (6 days)$151.76
Prepaid interest, second (6 days)$80.03
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 2.93%
Interest already paid$51,848Through Dec 2026
Assumption only · ends Sep 2051$128,300
Assumption + second · ends Sep 2051, second Jan 2057$237,705
New conventional · ends Jan 2057$522,569