Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,405/mo
Lowest payment- Down payment
- $105,857
- Funds due
- $116,303
- Interest + MI left
- $94,781
- First ends
- Nov 2051
Assumption
Assumption + second
$1,976/mo
+$571/mo- Down payment
- $34,857
- Funds due
- $46,710
- Interest + MI left
- $229,442
- First ends
- Nov 2051
New loan
New conventional
$2,451/mo
+$1,046/mo- Down payment
- $34,857
- Funds due
- $43,347
- Interest + MI left
- $453,480
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,143 | $239,143 | $310,143 |
| Second mortgage | — | $71,000 | — |
| First P&I | $1,116.80 | $1,116.80 | $2,101.02 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | — | — | $62.03 |
| Taxes, insurance & HOA | $288.00 | $288.00 | $288.00 |
| Total housing payment | $1,404.80 | $1,976.08 | $2,451.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,857
Closing costs & prepaids$11,853
Usable credit−$0
Total buyer cash needed$46,710
Earnest money paid−$0
Remaining funds due$46,710
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,195.71
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)$414.00
Prepaid interest, first (9 days)$167.47
Prepaid interest, second (9 days)$157.56
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 11 moOf the original 30-year loan at 2.84%
Interest already paid$36,871Through Dec 2026
Assumption only · ends Nov 2051$94,781
Assumption + second · ends Nov 2051, second Jan 2057$229,442
New conventional · ends Jan 2057$453,480