Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,514/mo
Lowest payment- Down payment
- $110,207
- Funds due
- $120,925
- Interest + MI left
- $85,248
- First ends
- May 2051
Assumption
Assumption + second
$2,125/mo
+$612/mo- Down payment
- $34,207
- Funds due
- $46,269
- Interest + MI left
- $229,393
- First ends
- May 2051
New loan
New conventional
$2,571/mo
+$1,057/mo- Down payment
- $34,207
- Funds due
- $42,856
- Interest + MI left
- $446,974
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,693 | $229,693 | $305,693 |
| Second mortgage | — | $76,000 | — |
| First P&I | $1,074.88 | $1,074.88 | $2,070.87 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | — | — | $61.14 |
| Taxes, insurance & HOA | $438.92 | $438.92 | $438.92 |
| Total housing payment | $1,513.80 | $2,125.31 | $2,570.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,207
Closing costs & prepaids$12,062
Usable credit−$0
Total buyer cash needed$46,269
Earnest money paid−$0
Remaining funds due$46,269
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,148.47
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)$866.75
Prepaid interest, first (5 days)$85.90
Prepaid interest, second (5 days)$93.70
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 5 moOf the original 30-year loan at 2.73%
Interest already paid$37,729Through Dec 2026
Assumption only · ends May 2051$85,248
Assumption + second · ends May 2051, second Jan 2057$229,393
New conventional · ends Jan 2057$446,974