Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,356/mo
Lowest payment- Down payment
- $61,906
- Funds due
- $71,556
- Interest + MI left
- $99,108
- First ends
- Sep 2051
Assumption
Assumption + second
$1,605/mo
+$249/mo- Down payment
- $30,906
- Funds due
- $41,813
- Interest + MI left
- $157,904
- First ends
- Sep 2051
New loan
New conventional
$2,141/mo
+$785/mo- Down payment
- $30,906
- Funds due
- $38,299
- Interest + MI left
- $407,840
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,994 | $237,994 | $268,994 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,131.22 | $1,131.22 | $1,862.46 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $53.80 |
| Taxes, insurance & HOA | $224.50 | $224.50 | $224.50 |
| Total housing payment | $1,355.72 | $1,605.15 | $2,140.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,906
Closing costs & prepaids$10,908
Usable credit−$0
Total buyer cash needed$41,813
Earnest money paid−$0
Remaining funds due$41,813
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,189.97
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)$223.50
Prepaid interest, first (1 days)$19.43
Prepaid interest, second (1 days)$7.64
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 10 moOf the original 30-year loan at 2.980%
Interest already paid$39,130Through Nov 2026
Assumption only · ends Sep 2051$99,108
Assumption + second · ends Sep 2051, second Dec 2056$157,904
New conventional · ends Dec 2056$407,840