Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,066/mo
Lowest payment- Down payment
- $49,826
- Funds due
- $61,864
- Interest + MI left
- $149,031
- First ends
- Sep 2051
Assumption
Assumption + second
$2,351/mo
+$285/mo- Down payment
- $21,826
- Funds due
- $35,196
- Interest + MI left
- $223,747
- First ends
- Sep 2051
New loan
New conventional
$3,095/mo
+$1,029/mo- Down payment
- $21,826
- Funds due
- $31,442
- Interest + MI left
- $584,267
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $370,174 | $370,174 | $398,174 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,748.17 | $1,748.17 | $2,697.37 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | — | — | $79.63 |
| Taxes, insurance & HOA | $318.00 | $318.00 | $318.00 |
| Total housing payment | $2,066.17 | $2,351.49 | $3,095.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,826
Closing costs & prepaids$13,370
Usable credit−$0
Total buyer cash needed$35,196
Earnest money paid−$0
Remaining funds due$35,196
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,850.87
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)$504.00
Prepaid interest, first (9 days)$264.70
Prepaid interest, second (9 days)$81.99
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 9 moOf the original 30-year loan at 2.9%
Interest already paid$60,308Through Dec 2026
Assumption only · ends Sep 2051$149,031
Assumption + second · ends Sep 2051, second Jan 2057$223,747
New conventional · ends Jan 2057$584,267