Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,104/mo
Lowest payment- Down payment
- $63,910
- Funds due
- $76,044
- Interest + MI left
- $150,795
- First ends
- Oct 2051
Assumption
Assumption + second
$2,522/mo
+$418/mo- Down payment
- $22,910
- Funds due
- $36,321
- Interest + MI left
- $260,200
- First ends
- Oct 2051
New loan
New conventional
$3,313/mo
+$1,209/mo- Down payment
- $22,910
- Funds due
- $32,251
- Interest + MI left
- $634,714
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $376,090 | $376,090 | $417,090 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,762.16 | $1,762.16 | $2,887.85 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | — | — | $83.42 |
| Taxes, insurance & HOA | $342.08 | $342.08 | $342.08 |
| Total housing payment | $2,104.24 | $2,522.03 | $3,313.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,910
Closing costs & prepaids$13,411
Usable credit−$0
Total buyer cash needed$36,321
Earnest money paid−$0
Remaining funds due$36,321
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,880.45
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)$576.25
Prepaid interest, first (2 days)$59.14
Prepaid interest, second (2 days)$26.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 2.870%
Interest already paid$58,581Through Nov 2026
Assumption only · ends Oct 2051$150,795
Assumption + second · ends Oct 2051, second Dec 2056$260,200
New conventional · ends Dec 2056$634,714