Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,596/mo
Lowest payment- Down payment
- $54,497
- Funds due
- $64,886
- Interest + MI left
- $99,655
- First ends
- Oct 2051
Assumption
Assumption + second
$1,993/mo
+$397/mo- Down payment
- $15,497
- Funds due
- $27,148
- Interest + MI left
- $203,723
- First ends
- Oct 2051
New loan
New conventional
$2,506/mo
+$910/mo- Down payment
- $15,497
- Funds due
- $23,700
- Interest + MI left
- $448,072
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,403 | $255,403 | $294,403 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,187.48 | $1,187.48 | $2,038.39 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | — | — | $58.88 |
| Taxes, insurance & HOA | $408.25 | $408.25 | $408.25 |
| Total housing payment | $1,595.73 | $1,993.15 | $2,505.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,497
Closing costs & prepaids$11,651
Usable credit−$0
Total buyer cash needed$27,148
Earnest money paid−$0
Remaining funds due$27,148
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,277.01
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)$774.75
Prepaid interest, first (1 days)$19.59
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 11 moOf the original 30-year loan at 2.800%
Interest already paid$38,839Through Nov 2026
Assumption only · ends Oct 2051$99,655
Assumption + second · ends Oct 2051, second Dec 2056$203,723
New conventional · ends Dec 2056$448,072