Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,448/mo
Lowest payment- Down payment
- $86,707
- Funds due
- $96,956
- Interest + MI left
- $100,785
- First ends
- May 2051
Assumption
Assumption + second
$1,859/mo
+$410/mo- Down payment
- $35,707
- Funds due
- $47,231
- Interest + MI left
- $197,514
- First ends
- May 2051
New loan
New conventional
$2,444/mo
+$996/mo- Down payment
- $35,707
- Funds due
- $43,582
- Interest + MI left
- $474,764
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $262,093 | $262,093 | $313,093 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,234.28 | $1,234.28 | $2,167.79 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | — | — | $62.62 |
| Taxes, insurance & HOA | $214.08 | $214.08 | $214.08 |
| Total housing payment | $1,448.36 | $1,858.72 | $2,444.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,707
Closing costs & prepaids$11,524
Usable credit−$0
Total buyer cash needed$47,231
Earnest money paid−$0
Remaining funds due$47,231
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,488.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,310.47
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)$192.25
Prepaid interest, first (2 days)$40.36
Prepaid interest, second (2 days)$25.15
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 6 moOf the original 30-year loan at 2.810%
Interest already paid$43,555Through Nov 2026
Assumption only · ends May 2051$100,785
Assumption + second · ends May 2051, second Dec 2056$197,514
New conventional · ends Dec 2056$474,764