Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,974/mo
Lowest payment- Down payment
- $86,060
- Funds due
- $96,462
- Interest + MI left
- $51,107
- First ends
- Dec 2041
Assumption
Assumption + second
$2,408/mo
+$434/mo- Down payment
- $32,060
- Funds due
- $43,779
- Interest + MI left
- $153,525
- First ends
- Dec 2041
New loan
New conventional
$2,391/mo
+$418/mo- Down payment
- $32,060
- Funds due
- $40,396
- Interest + MI left
- $413,647
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,939 | $228,939 | $282,939 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,555.81 | $1,555.81 | $1,916.73 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | — | — | $56.59 |
| Taxes, insurance & HOA | $417.75 | $417.75 | $417.75 |
| Total housing payment | $1,973.56 | $2,408.06 | $2,391.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,060
Closing costs & prepaids$11,719
Usable credit−$0
Total buyer cash needed$43,779
Earnest money paid−$0
Remaining funds due$43,779
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,149.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,144.70
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)$803.25
Prepaid interest, first (5 days)$86.87
Prepaid interest, second (5 days)$66.58
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 closing15 yrOf the original 20-year loan at 2.77%
Interest already paid$35,848Through Dec 2026
Assumption only · ends Dec 2041$51,107
Assumption + second · ends Dec 2041, second Jan 2057$153,525
New conventional · ends Jan 2057$413,647