Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,403/mo
Lowest payment- Down payment
- $131,407
- Funds due
- $141,915
- Interest + MI left
- $92,274
- First ends
- Jan 2051
Assumption
Assumption + second
$2,151/mo
+$748/mo- Down payment
- $38,407
- Funds due
- $50,211
- Interest + MI left
- $268,662
- First ends
- Jan 2051
New loan
New conventional
$2,643/mo
+$1,240/mo- Down payment
- $38,407
- Funds due
- $46,619
- Interest + MI left
- $510,399
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,593 | $243,593 | $336,593 |
| Second mortgage | — | $93,000 | — |
| First P&I | $1,158.16 | $1,158.16 | $2,330.50 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | — | — | $67.32 |
| Taxes, insurance & HOA | $244.92 | $244.92 | $244.92 |
| Total housing payment | $1,403.08 | $2,151.38 | $2,642.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,407
Closing costs & prepaids$11,804
Usable credit−$0
Total buyer cash needed$50,211
Earnest money paid−$0
Remaining funds due$50,211
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,217.97
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)$284.75
Prepaid interest, first (2 days)$37.51
Prepaid interest, second (2 days)$45.86
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 2 moOf the original 30-year loan at 2.810%
Interest already paid$43,165Through Nov 2026
Assumption only · ends Jan 2051$92,274
Assumption + second · ends Jan 2051, second Dec 2056$268,662
New conventional · ends Dec 2056$510,399