Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,560/mo
Lowest payment- Down payment
- $50,933
- Funds due
- $61,283
- Interest + MI left
- $117,049
- First ends
- Jan 2052
Assumption
Assumption + second
$1,907/mo
+$346/mo- Down payment
- $16,933
- Funds due
- $28,632
- Interest + MI left
- $207,775
- First ends
- Jan 2052
New loan
New conventional
$2,391/mo
+$831/mo- Down payment
- $16,933
- Funds due
- $25,308
- Interest + MI left
- $444,563
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,967 | $268,967 | $302,967 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,282.44 | $1,282.44 | $2,052.40 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | — | — | $60.59 |
| Taxes, insurance & HOA | $278.00 | $278.00 | $278.00 |
| Total housing payment | $1,560.44 | $1,906.91 | $2,391.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,933
Closing costs & prepaids$11,699
Usable credit−$0
Total buyer cash needed$28,632
Earnest money paid−$0
Remaining funds due$28,632
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,344.83
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)$203.60
Prepaid interest, second (9 days)$99.55
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 closing25 yr 1 moOf the original 30-year loan at 3.07%
Interest already paid$43,155Through Dec 2026
Assumption only · ends Jan 2052$117,049
Assumption + second · ends Jan 2052, second Jan 2057$207,775
New conventional · ends Jan 2057$444,563