Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,313/mo
Lowest payment- Down payment
- $56,026
- Funds due
- $68,450
- Interest + MI left
- $165,192
- First ends
- Jul 2051
Assumption
Assumption + second
$2,670/mo
+$357/mo- Down payment
- $21,026
- Funds due
- $34,723
- Interest + MI left
- $258,586
- First ends
- Jul 2051
New loan
New conventional
$3,364/mo
+$1,051/mo- Down payment
- $21,026
- Funds due
- $30,729
- Interest + MI left
- $605,703
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,974 | $362,974 | $397,974 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $2,755.49 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | — | — | $79.59 |
| Taxes, insurance & HOA | $529.00 | $529.00 | $529.00 |
| Total housing payment | $2,313.35 | $2,670.00 | $3,364.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,026
Closing costs & prepaids$13,697
Usable credit−$0
Total buyer cash needed$34,723
Earnest money paid−$0
Remaining funds due$34,723
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,190.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,814.87
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)$1,137.00
Prepaid interest, first (2 days)$64.64
Prepaid interest, second (2 days)$22.77
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 3.250%
Interest already paid$67,172Through Nov 2026
Assumption only · ends Jul 2051$165,192
Assumption + second · ends Jul 2051, second Dec 2056$258,586
New conventional · ends Dec 2056$605,703