Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,527/mo
Lowest payment- Down payment
- $138,656
- Funds due
- $149,840
- Interest + MI left
- $101,560
- First ends
- Oct 2051
Assumption
Assumption + second
$2,316/mo
+$789/mo- Down payment
- $40,656
- Funds due
- $53,307
- Interest + MI left
- $287,431
- First ends
- Oct 2051
New loan
New conventional
$2,815/mo
+$1,288/mo- Down payment
- $40,656
- Funds due
- $49,789
- Interest + MI left
- $525,202
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,244 | $261,244 | $359,244 |
| Second mortgage | — | $98,000 | — |
| First P&I | $1,217.46 | $1,217.46 | $2,433.64 |
| Second P&I | — | $788.53 | — |
| Mortgage insurance | — | — | $71.85 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $1,527.46 | $2,315.99 | $2,815.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,656
Closing costs & prepaids$12,651
Usable credit−$0
Total buyer cash needed$53,307
Earnest money paid−$0
Remaining funds due$53,307
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,306.22
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)$480.00
Prepaid interest, first (9 days)$180.37
Prepaid interest, second (9 days)$217.48
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 10 moOf the original 30-year loan at 2.8%
Interest already paid$40,431Through Dec 2026
Assumption only · ends Oct 2051$101,560
Assumption + second · ends Oct 2051, second Jan 2057$287,431
New conventional · ends Jan 2057$525,202