Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,862/mo
Lowest payment- Down payment
- $51,636
- Funds due
- $66,157
- Interest + MI left
- $181,830
- First ends
- Apr 2051
Assumption
Assumption + second
$3,116/mo
+$255/mo- Down payment
- $26,636
- Funds due
- $42,415
- Interest + MI left
- $248,540
- First ends
- Apr 2051
New loan
New conventional
$4,194/mo
+$1,333/mo- Down payment
- $26,636
- Funds due
- $37,772
- Interest + MI left
- $766,104
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $478,364 | $478,364 | $503,364 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,253.22 | $2,253.22 | $3,485.19 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | — | — | $100.67 |
| Taxes, insurance & HOA | $608.33 | $608.33 | $608.33 |
| Total housing payment | $2,861.55 | $3,116.30 | $4,194.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,636
Closing costs & prepaids$15,780
Usable credit−$0
Total buyer cash needed$42,415
Earnest money paid−$0
Remaining funds due$42,415
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,391.82
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,325.00
Prepaid interest, first (1 days)$36.57
Prepaid interest, second (1 days)$8.13
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 5 moOf the original 30-year loan at 2.790%
Interest already paid$80,250Through Nov 2026
Assumption only · ends Apr 2051$181,830
Assumption + second · ends Apr 2051, second Dec 2056$248,540
New conventional · ends Dec 2056$766,104