Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,417/mo
Lowest payment- Down payment
- $86,988
- Funds due
- $97,104
- Interest + MI left
- $87,679
- First ends
- Sep 2051
Assumption
Assumption + second
$1,868/mo
+$451/mo- Down payment
- $30,988
- Funds due
- $42,409
- Interest + MI left
- $193,891
- First ends
- Sep 2051
New loan
New conventional
$2,268/mo
+$851/mo- Down payment
- $30,988
- Funds due
- $39,076
- Interest + MI left
- $388,509
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $212,912 | $212,912 | $268,912 |
| Second mortgage | — | $56,000 | — |
| First P&I | $1,012.09 | $1,012.09 | $1,808.99 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | — | — | $53.78 |
| Taxes, insurance & HOA | $404.92 | $404.92 | $404.92 |
| Total housing payment | $1,417.01 | $1,867.60 | $2,267.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,988
Closing costs & prepaids$11,421
Usable credit−$0
Total buyer cash needed$42,409
Earnest money paid−$0
Remaining funds due$42,409
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,064.56
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)$764.75
Prepaid interest, first (4 days)$69.07
Prepaid interest, second (4 days)$55.23
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 9 moOf the original 30-year loan at 2.96%
Interest already paid$35,383Through Dec 2026
Assumption only · ends Sep 2051$87,679
Assumption + second · ends Sep 2051, second Jan 2057$193,891
New conventional · ends Jan 2057$388,509