Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,927/mo
Lowest payment- Down payment
- $48,730
- Funds due
- $59,966
- Interest + MI left
- $149,996
- First ends
- Jun 2051
Assumption
Assumption + second
$2,212/mo
+$285/mo- Down payment
- $20,730
- Funds due
- $33,225
- Interest + MI left
- $224,711
- First ends
- Jun 2051
New loan
New conventional
$2,929/mo
+$1,002/mo- Down payment
- $20,730
- Funds due
- $29,257
- Interest + MI left
- $577,008
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,170 | $351,170 | $379,170 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,698.87 | $1,698.87 | $2,625.30 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | — | — | $75.83 |
| Taxes, insurance & HOA | $227.75 | $227.75 | $227.75 |
| Total housing payment | $1,926.62 | $2,211.94 | $2,928.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,730
Closing costs & prepaids$12,495
Usable credit−$0
Total buyer cash needed$33,225
Earnest money paid−$0
Remaining funds due$33,225
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,755.85
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)$233.25
Prepaid interest, first (1 days)$29.63
Prepaid interest, second (1 days)$9.11
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 7 moOf the original 30-year loan at 3.080%
Interest already paid$62,737Through Nov 2026
Assumption only · ends Jun 2051$149,996
Assumption + second · ends Jun 2051, second Dec 2056$224,711
New conventional · ends Dec 2056$577,008