Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,485/mo
Lowest payment- Down payment
- $156,331
- Funds due
- $167,329
- Interest + MI left
- $87,623
- First ends
- Jul 2051
Assumption
Assumption + second
$2,359/mo
+$873/mo- Down payment
- $37,331
- Funds due
- $49,683
- Interest + MI left
- $282,968
- First ends
- Jul 2051
New loan
New conventional
$2,768/mo
+$1,283/mo- Down payment
- $37,331
- Funds due
- $46,284
- Interest + MI left
- $480,543
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,569 | $213,569 | $332,569 |
| Second mortgage | — | $119,000 | — |
| First P&I | $1,020.99 | $1,020.99 | $2,237.21 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | — | — | $66.51 |
| Taxes, insurance & HOA | $464.42 | $464.42 | $464.42 |
| Total housing payment | $1,485.41 | $2,358.59 | $2,768.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,331
Closing costs & prepaids$12,352
Usable credit−$0
Total buyer cash needed$49,683
Earnest money paid−$0
Remaining funds due$49,683
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,067.85
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)$943.25
Prepaid interest, first (4 days)$69.51
Prepaid interest, second (4 days)$104.33
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 7 moOf the original 30-year loan at 2.97%
Interest already paid$36,833Through Dec 2026
Assumption only · ends Jul 2051$87,623
Assumption + second · ends Jul 2051, second Jan 2057$282,968
New conventional · ends Jan 2057$480,543