Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,937/mo
Lowest payment- Down payment
- $47,162
- Funds due
- $58,653
- Interest + MI left
- $136,051
- First ends
- Oct 2051
Assumption
Assumption + second
$2,212/mo
+$275/mo- Down payment
- $20,162
- Funds due
- $32,920
- Interest + MI left
- $208,098
- First ends
- Oct 2051
New loan
New conventional
$3,008/mo
+$1,071/mo- Down payment
- $20,162
- Funds due
- $28,995
- Interest + MI left
- $578,101
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $352,838 | $352,838 | $379,838 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,635.08 | $1,635.08 | $2,629.92 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | — | — | $75.97 |
| Taxes, insurance & HOA | $301.75 | $301.75 | $301.75 |
| Total housing payment | $1,936.83 | $2,211.96 | $3,007.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,162
Closing costs & prepaids$12,759
Usable credit−$0
Total buyer cash needed$32,920
Earnest money paid−$0
Remaining funds due$32,920
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,764.19
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)$455.25
Prepaid interest, first (2 days)$53.55
Prepaid interest, second (2 days)$17.57
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 11 moOf the original 30-year loan at 2.770%
Interest already paid$53,097Through Nov 2026
Assumption only · ends Oct 2051$136,051
Assumption + second · ends Oct 2051, second Dec 2056$208,098
New conventional · ends Dec 2056$578,101