Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,441/mo
Lowest payment- Down payment
- $166,285
- Funds due
- $177,315
- Interest + MI left
- $81,101
- First ends
- Oct 2051
Assumption
Assumption + second
$2,380/mo
+$939/mo- Down payment
- $38,285
- Funds due
- $50,677
- Interest + MI left
- $291,219
- First ends
- Oct 2051
New loan
New conventional
$2,800/mo
+$1,360/mo- Down payment
- $38,285
- Funds due
- $47,294
- Interest + MI left
- $486,322
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $208,615 | $208,615 | $336,615 |
| Second mortgage | — | $128,000 | — |
| First P&I | $972.20 | $972.20 | $2,264.43 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | — | — | $67.32 |
| Taxes, insurance & HOA | $468.67 | $468.67 | $468.67 |
| Total housing payment | $1,440.87 | $2,380.09 | $2,800.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,285
Closing costs & prepaids$12,392
Usable credit−$0
Total buyer cash needed$50,677
Earnest money paid−$0
Remaining funds due$50,677
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,043.08
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)$956.00
Prepaid interest, first (4 days)$64.01
Prepaid interest, second (4 days)$112.22
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 10 moOf the original 30-year loan at 2.8%
Interest already paid$32,286Through Dec 2026
Assumption only · ends Oct 2051$81,101
Assumption + second · ends Oct 2051, second Jan 2057$291,219
New conventional · ends Jan 2057$486,322