Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,430/mo
Lowest payment- Down payment
- $114,222
- Funds due
- $124,636
- Interest + MI left
- $80,431
- First ends
- Feb 2051
Assumption
Assumption + second
$2,082/mo
+$652/mo- Down payment
- $33,222
- Funds due
- $44,966
- Interest + MI left
- $234,058
- First ends
- Feb 2051
New loan
New conventional
$2,447/mo
+$1,017/mo- Down payment
- $33,222
- Funds due
- $41,620
- Interest + MI left
- $421,400
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $210,678 | $210,678 | $291,678 |
| Second mortgage | — | $81,000 | — |
| First P&I | $1,003.82 | $1,003.82 | $1,962.14 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | — | — | $58.34 |
| Taxes, insurance & HOA | $426.17 | $426.17 | $426.17 |
| Total housing payment | $1,429.99 | $2,081.73 | $2,446.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,222
Closing costs & prepaids$11,744
Usable credit−$0
Total buyer cash needed$44,966
Earnest money paid−$0
Remaining funds due$44,966
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,053.39
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)$828.50
Prepaid interest, first (4 days)$65.34
Prepaid interest, second (4 days)$79.89
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 2 moOf the original 30-year loan at 2.83%
Interest already paid$37,589Through Dec 2026
Assumption only · ends Feb 2051$80,431
Assumption + second · ends Feb 2051, second Jan 2057$234,058
New conventional · ends Jan 2057$421,400