Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,392/mo
Lowest payment- Down payment
- $105,308
- Funds due
- $115,567
- Interest + MI left
- $95,348
- First ends
- Nov 2051
Assumption
Assumption + second
$1,955/mo
+$563/mo- Down payment
- $35,308
- Funds due
- $46,835
- Interest + MI left
- $228,113
- First ends
- Nov 2051
New loan
New conventional
$2,481/mo
+$1,089/mo- Down payment
- $35,308
- Funds due
- $43,267
- Interest + MI left
- $469,607
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,692 | $239,692 | $309,692 |
| Second mortgage | — | $70,000 | — |
| First P&I | $1,116.80 | $1,116.80 | $2,144.24 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | — | — | $61.94 |
| Taxes, insurance & HOA | $274.75 | $274.75 | $274.75 |
| Total housing payment | $1,391.55 | $1,954.79 | $2,480.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,308
Closing costs & prepaids$11,527
Usable credit−$0
Total buyer cash needed$46,835
Earnest money paid−$0
Remaining funds due$46,835
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,198.46
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)$374.25
Prepaid interest, first (1 days)$18.65
Prepaid interest, second (1 days)$17.26
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 closing25 yrOf the original 30-year loan at 2.840%
Interest already paid$36,304Through Nov 2026
Assumption only · ends Nov 2051$95,348
Assumption + second · ends Nov 2051, second Dec 2056$228,113
New conventional · ends Dec 2056$469,607