Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,587/mo
Lowest payment- Down payment
- $71,218
- Funds due
- $81,660
- Interest + MI left
- $113,536
- First ends
- Jul 2051
Assumption
Assumption + second
$1,885/mo
+$298/mo- Down payment
- $34,218
- Funds due
- $45,929
- Interest + MI left
- $183,712
- First ends
- Jul 2051
New loan
New conventional
$2,473/mo
+$886/mo- Down payment
- $34,218
- Funds due
- $42,261
- Interest + MI left
- $463,587
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,682 | $268,682 | $305,682 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,291.28 | $1,291.28 | $2,116.48 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | — | — | $61.14 |
| Taxes, insurance & HOA | $295.75 | $295.75 | $295.75 |
| Total housing payment | $1,587.03 | $1,884.74 | $2,473.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,218
Closing costs & prepaids$11,711
Usable credit−$0
Total buyer cash needed$45,929
Earnest money paid−$0
Remaining funds due$45,929
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,343.41
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)$437.25
Prepaid interest, first (2 days)$44.76
Prepaid interest, second (2 days)$18.25
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 8 moOf the original 30-year loan at 3.040%
Interest already paid$46,608Through Nov 2026
Assumption only · ends Jul 2051$113,536
Assumption + second · ends Jul 2051, second Dec 2056$183,712
New conventional · ends Dec 2056$463,587