Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,301/mo
Lowest payment- Down payment
- $93,892
- Funds due
- $103,739
- Interest + MI left
- $80,115
- First ends
- Mar 2051
Assumption
Assumption + second
$1,800/mo
+$499/mo- Down payment
- $31,892
- Funds due
- $43,005
- Interest + MI left
- $197,707
- First ends
- Mar 2051
New loan
New conventional
$2,286/mo
+$985/mo- Down payment
- $31,892
- Funds due
- $39,563
- Interest + MI left
- $429,296
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,108 | $221,108 | $283,108 |
| Second mortgage | — | $62,000 | — |
| First P&I | $1,031.58 | $1,031.58 | $1,960.18 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | — | — | $56.62 |
| Taxes, insurance & HOA | $269.08 | $269.08 | $269.08 |
| Total housing payment | $1,300.67 | $1,799.53 | $2,285.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,892
Closing costs & prepaids$11,112
Usable credit−$0
Total buyer cash needed$43,005
Earnest money paid−$0
Remaining funds due$43,005
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,105.54
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)$357.25
Prepaid interest, first (1 days)$16.23
Prepaid interest, second (1 days)$15.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 2.680%
Interest already paid$36,255Through Nov 2026
Assumption only · ends Mar 2051$80,115
Assumption + second · ends Mar 2051, second Dec 2056$197,707
New conventional · ends Dec 2056$429,296