Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,391/mo
Lowest payment- Down payment
- $52,013
- Funds due
- $65,023
- Interest + MI left
- $157,737
- First ends
- Nov 2051
Assumption
Assumption + second
$2,687/mo
+$296/mo- Down payment
- $23,013
- Funds due
- $37,320
- Interest + MI left
- $235,120
- First ends
- Nov 2051
New loan
New conventional
$3,510/mo
+$1,119/mo- Down payment
- $23,013
- Funds due
- $33,275
- Interest + MI left
- $626,546
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $397,987 | $397,987 | $426,987 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,858.61 | $1,858.61 | $2,892.56 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | — | — | $85.40 |
| Taxes, insurance & HOA | $532.50 | $532.50 | $532.50 |
| Total housing payment | $2,391.11 | $2,686.62 | $3,510.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,013
Closing costs & prepaids$14,307
Usable credit−$0
Total buyer cash needed$37,320
Earnest money paid−$0
Remaining funds due$37,320
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,989.94
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)$1,147.50
Prepaid interest, first (5 days)$154.83
Prepaid interest, second (5 days)$47.17
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 11 moOf the original 30-year loan at 2.84%
Interest already paid$61,362Through Dec 2026
Assumption only · ends Nov 2051$157,737
Assumption + second · ends Nov 2051, second Jan 2057$235,120
New conventional · ends Jan 2057$626,546