Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,401/mo
Lowest payment- Down payment
- $62,446
- Funds due
- $72,385
- Interest + MI left
- $98,517
- First ends
- Sep 2051
Assumption
Assumption + second
$1,659/mo
+$257/mo- Down payment
- $30,446
- Funds due
- $41,706
- Interest + MI left
- $159,209
- First ends
- Sep 2051
New loan
New conventional
$2,149/mo
+$748/mo- Down payment
- $30,446
- Funds due
- $38,403
- Interest + MI left
- $393,932
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,454 | $237,454 | $269,454 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,131.22 | $1,131.22 | $1,825.38 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | — | — | $53.89 |
| Taxes, insurance & HOA | $270.00 | $270.00 | $270.00 |
| Total housing payment | $1,401.22 | $1,658.69 | $2,149.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,446
Closing costs & prepaids$11,260
Usable credit−$0
Total buyer cash needed$41,706
Earnest money paid−$0
Remaining funds due$41,706
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,187.27
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)$360.00
Prepaid interest, first (9 days)$174.48
Prepaid interest, second (9 days)$71.01
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 9 moOf the original 30-year loan at 2.98%
Interest already paid$39,721Through Dec 2026
Assumption only · ends Sep 2051$98,517
Assumption + second · ends Sep 2051, second Jan 2057$159,209
New conventional · ends Jan 2057$393,932