Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,467/mo
Lowest payment- Down payment
- $121,384
- Funds due
- $132,143
- Interest + MI left
- $93,768
- First ends
- Apr 2051
Assumption
Assumption + second
$2,143/mo
+$676/mo- Down payment
- $37,384
- Funds due
- $49,580
- Interest + MI left
- $253,086
- First ends
- Apr 2051
New loan
New conventional
$2,610/mo
+$1,144/mo- Down payment
- $37,384
- Funds due
- $46,155
- Interest + MI left
- $484,877
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,616 | $247,616 | $331,616 |
| Second mortgage | — | $84,000 | — |
| First P&I | $1,169.12 | $1,169.12 | $2,246.48 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | — | — | $66.32 |
| Taxes, insurance & HOA | $297.58 | $297.58 | $297.58 |
| Total housing payment | $1,466.71 | $2,142.59 | $2,610.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,384
Closing costs & prepaids$12,196
Usable credit−$0
Total buyer cash needed$49,580
Earnest money paid−$0
Remaining funds due$49,580
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,238.08
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)$442.75
Prepaid interest, first (9 days)$170.35
Prepaid interest, second (9 days)$186.41
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 4 moOf the original 30-year loan at 2.79%
Interest already paid$42,216Through Dec 2026
Assumption only · ends Apr 2051$93,768
Assumption + second · ends Apr 2051, second Jan 2057$253,086
New conventional · ends Jan 2057$484,877