Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,837/mo
Lowest payment- Down payment
- $103,419
- Funds due
- $114,831
- Interest + MI left
- $94,577
- First ends
- Apr 2051
Assumption
Assumption + second
$2,409/mo
+$571/mo- Down payment
- $32,419
- Funds due
- $45,116
- Interest + MI left
- $229,239
- First ends
- Apr 2051
New loan
New conventional
$2,822/mo
+$985/mo- Down payment
- $32,419
- Funds due
- $41,712
- Interest + MI left
- $435,320
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,081 | $216,081 | $287,081 |
| Second mortgage | — | $71,000 | — |
| First P&I | $1,060.27 | $1,060.27 | $1,987.69 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | — | — | $57.42 |
| Taxes, insurance & HOA | $777.08 | $777.08 | $777.08 |
| Total housing payment | $1,837.35 | $2,408.63 | $2,822.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,419
Closing costs & prepaids$12,697
Usable credit−$0
Total buyer cash needed$45,116
Earnest money paid−$0
Remaining funds due$45,116
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,195.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,080.41
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)$1,881.25
Prepaid interest, first (2 days)$37.53
Prepaid interest, second (2 days)$35.01
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 5 moOf the original 30-year loan at 3.170%
Interest already paid$41,019Through Nov 2026
Assumption only · ends Apr 2051$94,577
Assumption + second · ends Apr 2051, second Dec 2056$229,239
New conventional · ends Dec 2056$435,320