Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,334/mo
Lowest payment- Down payment
- $48,251
- Funds due
- $60,715
- Interest + MI left
- $158,743
- First ends
- Jun 2051
Assumption
Assumption + second
$2,609/mo
+$275/mo- Down payment
- $21,251
- Funds due
- $34,974
- Interest + MI left
- $230,790
- First ends
- Jun 2051
New loan
New conventional
$3,376/mo
+$1,042/mo- Down payment
- $21,251
- Funds due
- $30,901
- Interest + MI left
- $606,651
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $371,649 | $371,649 | $398,649 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,797.94 | $1,797.94 | $2,760.17 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $79.73 |
| Taxes, insurance & HOA | $535.75 | $535.75 | $535.75 |
| Total housing payment | $2,333.69 | $2,608.82 | $3,375.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,251
Closing costs & prepaids$13,723
Usable credit−$0
Total buyer cash needed$34,974
Earnest money paid−$0
Remaining funds due$34,974
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,858.25
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)$1,157.25
Prepaid interest, first (1 days)$31.36
Prepaid interest, second (1 days)$8.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 7 moOf the original 30-year loan at 3.080%
Interest already paid$66,395Through Nov 2026
Assumption only · ends Jun 2051$158,743
Assumption + second · ends Jun 2051, second Dec 2056$230,790
New conventional · ends Dec 2056$606,651