Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,756/mo
Lowest payment- Down payment
- $75,311
- Funds due
- $86,384
- Interest + MI left
- $112,700
- First ends
- Aug 2051
Assumption
Assumption + second
$2,078/mo
+$322/mo- Down payment
- $35,311
- Funds due
- $47,673
- Interest + MI left
- $188,565
- First ends
- Aug 2051
New loan
New conventional
$2,627/mo
+$871/mo- Down payment
- $35,311
- Funds due
- $44,021
- Interest + MI left
- $454,708
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,689 | $274,689 | $314,689 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,308.75 | $1,308.75 | $2,116.93 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | — | — | $62.94 |
| Taxes, insurance & HOA | $447.50 | $447.50 | $447.50 |
| Total housing payment | $1,756.25 | $2,078.10 | $2,627.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,311
Closing costs & prepaids$12,363
Usable credit−$0
Total buyer cash needed$47,673
Earnest money paid−$0
Remaining funds due$47,673
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,373.45
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)$892.50
Prepaid interest, first (4 days)$89.10
Prepaid interest, second (4 days)$39.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 8 moOf the original 30-year loan at 2.96%
Interest already paid$46,434Through Dec 2026
Assumption only · ends Aug 2051$112,700
Assumption + second · ends Aug 2051, second Jan 2057$188,565
New conventional · ends Jan 2057$454,708