Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,455/mo
Lowest payment- Down payment
- $121,503
- Funds due
- $132,123
- Interest + MI left
- $92,393
- First ends
- Apr 2051
Assumption
Assumption + second
$2,131/mo
+$676/mo- Down payment
- $37,503
- Funds due
- $49,415
- Interest + MI left
- $251,711
- First ends
- Apr 2051
New loan
New conventional
$2,658/mo
+$1,203/mo- Down payment
- $37,503
- Funds due
- $45,813
- Interest + MI left
- $503,354
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,947 | $247,947 | $331,947 |
| Second mortgage | — | $84,000 | — |
| First P&I | $1,161.57 | $1,161.57 | $2,298.33 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | — | — | $66.39 |
| Taxes, insurance & HOA | $293.67 | $293.67 | $293.67 |
| Total housing payment | $1,455.24 | $2,131.12 | $2,658.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,503
Closing costs & prepaids$11,912
Usable credit−$0
Total buyer cash needed$49,415
Earnest money paid−$0
Remaining funds due$49,415
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,694.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,239.74
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)$431.00
Prepaid interest, first (2 days)$37.23
Prepaid interest, second (2 days)$41.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 2.740%
Interest already paid$40,873Through Nov 2026
Assumption only · ends Apr 2051$92,393
Assumption + second · ends Apr 2051, second Dec 2056$251,711
New conventional · ends Dec 2056$503,354