Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,562/mo
Lowest payment- Down payment
- $48,056
- Funds due
- $58,406
- Interest + MI left
- $104,183
- First ends
- May 2051
Assumption
Assumption + second
$1,888/mo
+$326/mo- Down payment
- $16,056
- Funds due
- $27,749
- Interest + MI left
- $189,572
- First ends
- May 2051
New loan
New conventional
$2,398/mo
+$836/mo- Down payment
- $16,056
- Funds due
- $24,443
- Interest + MI left
- $446,058
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,944 | $271,944 | $303,944 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,283.71 | $1,283.71 | $2,059.02 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $60.79 |
| Taxes, insurance & HOA | $278.00 | $278.00 | $278.00 |
| Total housing payment | $1,561.71 | $1,887.79 | $2,397.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,056
Closing costs & prepaids$11,694
Usable credit−$0
Total buyer cash needed$27,749
Earnest money paid−$0
Remaining funds due$27,749
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,359.72
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)$384.00
Prepaid interest, first (9 days)$188.42
Prepaid interest, second (9 days)$93.70
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 5 moOf the original 30-year loan at 2.81%
Interest already paid$45,938Through Dec 2026
Assumption only · ends May 2051$104,183
Assumption + second · ends May 2051, second Jan 2057$189,572
New conventional · ends Jan 2057$446,058