Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,570/mo
Lowest payment- Down payment
- $91,355
- Funds due
- $101,999
- Interest + MI left
- $90,725
- First ends
- Jan 2051
Assumption
Assumption + second
$2,036/mo
+$467/mo- Down payment
- $33,355
- Funds due
- $45,320
- Interest + MI left
- $200,730
- First ends
- Jan 2051
New loan
New conventional
$2,499/mo
+$929/mo- Down payment
- $33,355
- Funds due
- $41,878
- Interest + MI left
- $433,598
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $238,545 | $238,545 | $296,545 |
| Second mortgage | — | $58,000 | — |
| First P&I | $1,139.34 | $1,139.34 | $2,008.90 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | — | — | $59.31 |
| Taxes, insurance & HOA | $430.42 | $430.42 | $430.42 |
| Total housing payment | $1,569.76 | $2,036.44 | $2,498.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,355
Closing costs & prepaids$11,965
Usable credit−$0
Total buyer cash needed$45,320
Earnest money paid−$0
Remaining funds due$45,320
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,192.72
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)$841.25
Prepaid interest, first (5 days)$92.48
Prepaid interest, second (5 days)$71.51
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 1 moOf the original 30-year loan at 2.83%
Interest already paid$43,228Through Dec 2026
Assumption only · ends Jan 2051$90,725
Assumption + second · ends Jan 2051, second Jan 2057$200,730
New conventional · ends Jan 2057$433,598