Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,649/mo
Lowest payment- Down payment
- $116,299
- Funds due
- $127,442
- Interest + MI left
- $102,037
- First ends
- Jul 2051
Assumption
Assumption + second
$2,285/mo
+$636/mo- Down payment
- $37,299
- Funds due
- $49,790
- Interest + MI left
- $251,872
- First ends
- Jul 2051
New loan
New conventional
$2,746/mo
+$1,097/mo- Down payment
- $37,299
- Funds due
- $46,254
- Interest + MI left
- $479,088
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,701 | $248,701 | $327,701 |
| Second mortgage | — | $79,000 | — |
| First P&I | $1,188.94 | $1,188.94 | $2,219.96 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | — | — | $65.54 |
| Taxes, insurance & HOA | $460.25 | $460.25 | $460.25 |
| Total housing payment | $1,649.19 | $2,284.85 | $2,745.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,299
Closing costs & prepaids$12,491
Usable credit−$0
Total buyer cash needed$49,790
Earnest money paid−$0
Remaining funds due$49,790
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,243.51
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)$930.75
Prepaid interest, first (5 days)$101.18
Prepaid interest, second (5 days)$97.40
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 7 moOf the original 30-year loan at 2.97%
Interest already paid$42,893Through Dec 2026
Assumption only · ends Jul 2051$102,037
Assumption + second · ends Jul 2051, second Jan 2057$251,872
New conventional · ends Jan 2057$479,088