Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,100/mo
Lowest payment- Down payment
- $60,547
- Funds due
- $72,618
- Interest + MI left
- $135,989
- First ends
- Jul 2051
Assumption
Assumption + second
$2,498/mo
+$397/mo- Down payment
- $21,547
- Funds due
- $34,881
- Interest + MI left
- $240,057
- First ends
- Jul 2051
New loan
New conventional
$3,265/mo
+$1,165/mo- Down payment
- $21,547
- Funds due
- $30,866
- Interest + MI left
- $606,351
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $359,452 | $359,452 | $398,452 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,673.79 | $1,673.79 | $2,758.80 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | — | — | $79.69 |
| Taxes, insurance & HOA | $426.33 | $426.33 | $426.33 |
| Total housing payment | $2,100.12 | $2,497.53 | $3,264.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,547
Closing costs & prepaids$13,334
Usable credit−$0
Total buyer cash needed$34,881
Earnest money paid−$0
Remaining funds due$34,881
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,199.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,797.26
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)$829.00
Prepaid interest, first (1 days)$27.08
Prepaid interest, second (1 days)$12.69
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 8 moOf the original 30-year loan at 2.750%
Interest already paid$56,575Through Nov 2026
Assumption only · ends Jul 2051$135,989
Assumption + second · ends Jul 2051, second Dec 2056$240,057
New conventional · ends Dec 2056$606,351