Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,919/mo
Lowest payment- Down payment
- $87,930
- Funds due
- $99,564
- Interest + MI left
- $126,825
- First ends
- Jun 2051
Assumption
Assumption + second
$2,313/mo
+$394/mo- Down payment
- $38,930
- Funds due
- $51,862
- Interest + MI left
- $219,760
- First ends
- Jun 2051
New loan
New conventional
$2,874/mo
+$955/mo- Down payment
- $38,930
- Funds due
- $48,066
- Interest + MI left
- $499,907
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $296,970 | $296,970 | $345,970 |
| Second mortgage | — | $49,000 | — |
| First P&I | $1,441.48 | $1,441.48 | $2,327.36 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | — | — | $69.19 |
| Taxes, insurance & HOA | $477.17 | $477.17 | $477.17 |
| Total housing payment | $1,918.65 | $2,312.91 | $2,873.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,930
Closing costs & prepaids$12,932
Usable credit−$0
Total buyer cash needed$51,862
Earnest money paid−$0
Remaining funds due$51,862
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,849.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,484.85
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)$981.50
Prepaid interest, first (4 days)$100.56
Prepaid interest, second (4 days)$48.33
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 6 moOf the original 30-year loan at 3.09%
Interest already paid$54,108Through Dec 2026
Assumption only · ends Jun 2051$126,825
Assumption + second · ends Jun 2051, second Jan 2057$219,760
New conventional · ends Jan 2057$499,907