Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,701/mo
Lowest payment- Down payment
- $96,821
- Funds due
- $107,867
- Interest + MI left
- $102,584
- First ends
- Jul 2051
Assumption
Assumption + second
$2,199/mo
+$499/mo- Down payment
- $34,821
- Funds due
- $47,148
- Interest + MI left
- $220,176
- First ends
- Jul 2051
New loan
New conventional
$2,725/mo
+$1,025/mo- Down payment
- $34,821
- Funds due
- $43,570
- Interest + MI left
- $470,407
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,179 | $248,179 | $310,179 |
| Second mortgage | — | $62,000 | — |
| First P&I | $1,185.01 | $1,185.01 | $2,147.62 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | — | — | $62.04 |
| Taxes, insurance & HOA | $515.58 | $515.58 | $515.58 |
| Total housing payment | $1,700.59 | $2,199.46 | $2,725.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,821
Closing costs & prepaids$12,327
Usable credit−$0
Total buyer cash needed$47,148
Earnest money paid−$0
Remaining funds due$47,148
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,240.89
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)$1,096.75
Prepaid interest, first (2 days)$40.52
Prepaid interest, second (2 days)$30.58
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 2.980%
Interest already paid$42,227Through Nov 2026
Assumption only · ends Jul 2051$102,584
Assumption + second · ends Jul 2051, second Dec 2056$220,176
New conventional · ends Dec 2056$470,407