Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,458/mo
Lowest payment- Down payment
- $130,994
- Funds due
- $141,785
- Interest + MI left
- $91,704
- First ends
- Jan 2051
Assumption
Assumption + second
$2,206/mo
+$748/mo- Down payment
- $37,994
- Funds due
- $50,241
- Interest + MI left
- $268,092
- First ends
- Jan 2051
New loan
New conventional
$2,643/mo
+$1,185/mo- Down payment
- $37,994
- Funds due
- $46,823
- Interest + MI left
- $491,229
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,006 | $243,006 | $336,006 |
| Second mortgage | — | $93,000 | — |
| First P&I | $1,158.16 | $1,158.16 | $2,276.22 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | — | — | $67.20 |
| Taxes, insurance & HOA | $299.58 | $299.58 | $299.58 |
| Total housing payment | $1,457.75 | $2,206.05 | $2,643.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,994
Closing costs & prepaids$12,247
Usable credit−$0
Total buyer cash needed$50,241
Earnest money paid−$0
Remaining funds due$50,241
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,740.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,215.03
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)$448.75
Prepaid interest, first (9 days)$168.37
Prepaid interest, second (9 days)$206.38
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$43,735Through Dec 2026
Assumption only · ends Jan 2051$91,704
Assumption + second · ends Jan 2051, second Jan 2057$268,092
New conventional · ends Jan 2057$491,229