Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,366/mo
Lowest payment- Down payment
- $85,545
- Funds due
- $95,596
- Interest + MI left
- $85,576
- First ends
- Jan 2051
Assumption
Assumption + second
$1,801/mo
+$434/mo- Down payment
- $31,545
- Funds due
- $42,966
- Interest + MI left
- $187,994
- First ends
- Jan 2051
New loan
New conventional
$2,253/mo
+$887/mo- Down payment
- $31,545
- Funds due
- $39,684
- Interest + MI left
- $414,458
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $229,455 | $229,455 | $283,455 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,090.07 | $1,090.07 | $1,920.22 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | — | — | $56.69 |
| Taxes, insurance & HOA | $276.00 | $276.00 | $276.00 |
| Total housing payment | $1,366.07 | $1,800.57 | $2,252.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,545
Closing costs & prepaids$11,420
Usable credit−$0
Total buyer cash needed$42,966
Earnest money paid−$0
Remaining funds due$42,966
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,147.27
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)$378.00
Prepaid interest, first (9 days)$157.29
Prepaid interest, second (9 days)$119.84
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 2.78%
Interest already paid$40,870Through Dec 2026
Assumption only · ends Jan 2051$85,576
Assumption + second · ends Jan 2051, second Jan 2057$187,994
New conventional · ends Jan 2057$414,458