Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,893/mo
Lowest payment- Down payment
- $57,644
- Funds due
- $68,884
- Interest + MI left
- $119,948
- First ends
- Jun 2051
Assumption
Assumption + second
$2,301/mo
+$408/mo- Down payment
- $17,644
- Funds due
- $30,147
- Interest + MI left
- $226,684
- First ends
- Jun 2051
New loan
New conventional
$2,863/mo
+$970/mo- Down payment
- $17,644
- Funds due
- $26,496
- Interest + MI left
- $505,835
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,356 | $292,356 | $332,356 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,397.64 | $1,397.64 | $2,301.17 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | — | — | $66.47 |
| Taxes, insurance & HOA | $495.50 | $495.50 | $495.50 |
| Total housing payment | $1,893.14 | $2,300.74 | $2,863.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,644
Closing costs & prepaids$12,503
Usable credit−$0
Total buyer cash needed$30,147
Earnest money paid−$0
Remaining funds due$30,147
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,461.78
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)$1,036.50
Prepaid interest, first (1 days)$23.79
Prepaid interest, second (1 days)$13.01
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 7 moOf the original 30-year loan at 2.970%
Interest already paid$50,421Through Nov 2026
Assumption only · ends Jun 2051$119,948
Assumption + second · ends Jun 2051, second Dec 2056$226,684
New conventional · ends Dec 2056$505,835