Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,659/mo
Lowest payment- Down payment
- $70,298
- Funds due
- $81,144
- Interest + MI left
- $102,441
- First ends
- Dec 2051
Assumption
Assumption + second
$1,948/mo
+$290/mo- Down payment
- $34,298
- Funds due
- $46,439
- Interest + MI left
- $170,720
- First ends
- Dec 2051
New loan
New conventional
$2,532/mo
+$873/mo- Down payment
- $34,298
- Funds due
- $42,880
- Interest + MI left
- $439,616
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $264,702 | $264,702 | $300,702 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,223.81 | $1,223.81 | $2,037.06 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | — | — | $60.14 |
| Taxes, insurance & HOA | $434.75 | $434.75 | $434.75 |
| Total housing payment | $1,658.56 | $1,948.23 | $2,531.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,298
Closing costs & prepaids$12,141
Usable credit−$0
Total buyer cash needed$46,439
Earnest money paid−$0
Remaining funds due$46,439
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,323.51
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)$854.25
Prepaid interest, first (5 days)$100.44
Prepaid interest, second (5 days)$44.38
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 closing25 yrOf the original 30-year loan at 2.77%
Interest already paid$39,131Through Dec 2026
Assumption only · ends Dec 2051$102,441
Assumption + second · ends Dec 2051, second Jan 2057$170,720
New conventional · ends Jan 2057$439,616