Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,959/mo
Lowest payment- Down payment
- $117,647
- Funds due
- $129,852
- Interest + MI left
- $115,474
- First ends
- Apr 2051
Assumption
Assumption + second
$2,563/mo
+$603/mo- Down payment
- $42,647
- Funds due
- $56,194
- Interest + MI left
- $257,722
- First ends
- Apr 2051
New loan
New conventional
$3,178/mo
+$1,219/mo- Down payment
- $42,647
- Funds due
- $52,355
- Interest + MI left
- $559,063
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $307,353 | $307,353 | $382,353 |
| Second mortgage | — | $75,000 | — |
| First P&I | $1,448.04 | $1,448.04 | $2,590.19 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | — | — | $76.47 |
| Taxes, insurance & HOA | $511.25 | $511.25 | $511.25 |
| Total housing payment | $1,959.29 | $2,562.76 | $3,177.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,647
Closing costs & prepaids$13,548
Usable credit−$0
Total buyer cash needed$56,194
Earnest money paid−$0
Remaining funds due$56,194
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,536.77
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)$1,083.75
Prepaid interest, first (5 days)$116.63
Prepaid interest, second (5 days)$92.47
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 4 moOf the original 30-year loan at 2.77%
Interest already paid$52,037Through Dec 2026
Assumption only · ends Apr 2051$115,474
Assumption + second · ends Apr 2051, second Jan 2057$257,722
New conventional · ends Jan 2057$559,063