Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,308/mo
Lowest payment- Down payment
- $94,430
- Funds due
- $104,425
- Interest + MI left
- $79,621
- First ends
- Mar 2051
Assumption
Assumption + second
$1,806/mo
+$499/mo- Down payment
- $32,430
- Funds due
- $43,812
- Interest + MI left
- $197,213
- First ends
- Mar 2051
New loan
New conventional
$2,247/mo
+$939/mo- Down payment
- $32,430
- Funds due
- $40,559
- Interest + MI left
- $413,108
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,570 | $220,570 | $282,570 |
| Second mortgage | — | $62,000 | — |
| First P&I | $1,031.58 | $1,031.58 | $1,914.23 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | — | — | $56.51 |
| Taxes, insurance & HOA | $276.00 | $276.00 | $276.00 |
| Total housing payment | $1,307.58 | $1,806.45 | $2,246.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,430
Closing costs & prepaids$11,382
Usable credit−$0
Total buyer cash needed$43,812
Earnest money paid−$0
Remaining funds due$43,812
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,102.85
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)$378.00
Prepaid interest, first (9 days)$145.76
Prepaid interest, second (9 days)$137.59
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3 moOf the original 30-year loan at 2.68%
Interest already paid$36,749Through Dec 2026
Assumption only · ends Mar 2051$79,621
Assumption + second · ends Mar 2051, second Jan 2057$197,213
New conventional · ends Jan 2057$413,108