Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,459/mo
Lowest payment- Down payment
- $122,098
- Funds due
- $132,858
- Interest + MI left
- $91,827
- First ends
- Apr 2051
Assumption
Assumption + second
$2,143/mo
+$684/mo- Down payment
- $37,098
- Funds due
- $49,296
- Interest + MI left
- $253,041
- First ends
- Apr 2051
New loan
New conventional
$2,616/mo
+$1,156/mo- Down payment
- $37,098
- Funds due
- $45,878
- Interest + MI left
- $485,954
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,352 | $247,352 | $332,352 |
| Second mortgage | — | $85,000 | — |
| First P&I | $1,161.57 | $1,161.57 | $2,251.47 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | — | — | $66.47 |
| Taxes, insurance & HOA | $297.75 | $297.75 | $297.75 |
| Total housing payment | $1,459.32 | $2,143.25 | $2,615.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,098
Closing costs & prepaids$12,198
Usable credit−$0
Total buyer cash needed$49,296
Earnest money paid−$0
Remaining funds due$49,296
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,694.50
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,236.76
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)$443.25
Prepaid interest, first (9 days)$167.11
Prepaid interest, second (9 days)$188.63
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 4 moOf the original 30-year loan at 2.74%
Interest already paid$41,439Through Dec 2026
Assumption only · ends Apr 2051$91,827
Assumption + second · ends Apr 2051, second Jan 2057$253,041
New conventional · ends Jan 2057$485,954