Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,853/mo
Lowest payment- Down payment
- $52,757
- Funds due
- $64,052
- Interest + MI left
- $116,919
- First ends
- Nov 2051
Assumption
Assumption + second
$2,209/mo
+$357/mo- Down payment
- $17,757
- Funds due
- $30,359
- Interest + MI left
- $210,313
- First ends
- Nov 2051
New loan
New conventional
$2,802/mo
+$949/mo- Down payment
- $17,757
- Funds due
- $26,788
- Interest + MI left
- $494,599
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,020 | $302,020 | $337,020 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,401.13 | $1,401.13 | $2,283.09 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | — | — | $67.40 |
| Taxes, insurance & HOA | $451.58 | $451.58 | $451.58 |
| Total housing payment | $1,852.72 | $2,209.37 | $2,802.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,757
Closing costs & prepaids$12,603
Usable credit−$0
Total buyer cash needed$30,359
Earnest money paid−$0
Remaining funds due$30,359
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,547.77
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,510.10
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)$904.75
Prepaid interest, first (5 days)$115.02
Prepaid interest, second (5 days)$56.93
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 2.78%
Interest already paid$45,609Through Dec 2026
Assumption only · ends Nov 2051$116,919
Assumption + second · ends Nov 2051, second Jan 2057$210,313
New conventional · ends Jan 2057$494,599