Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,626/mo
Lowest payment- Down payment
- $64,274
- Funds due
- $74,954
- Interest + MI left
- $105,939
- First ends
- Jan 2051
Assumption
Assumption + second
$1,859/mo
+$233/mo- Down payment
- $35,274
- Funds due
- $47,268
- Interest + MI left
- $160,941
- First ends
- Jan 2051
New loan
New conventional
$2,448/mo
+$822/mo- Down payment
- $35,274
- Funds due
- $43,759
- Interest + MI left
- $452,809
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,726 | $280,726 | $309,726 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,337.94 | $1,337.94 | $2,098.19 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | — | — | $61.95 |
| Taxes, insurance & HOA | $288.00 | $288.00 | $288.00 |
| Total housing payment | $1,625.94 | $1,859.28 | $2,448.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,274
Closing costs & prepaids$11,994
Usable credit−$0
Total buyer cash needed$47,268
Earnest money paid−$0
Remaining funds due$47,268
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%)$1,403.63
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)$194.51
Prepaid interest, second (9 days)$64.36
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 1 moOf the original 30-year loan at 2.81%
Interest already paid$50,524Through Dec 2026
Assumption only · ends Jan 2051$105,939
Assumption + second · ends Jan 2051, second Jan 2057$160,941
New conventional · ends Jan 2057$452,809