Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,496/mo
Lowest payment- Down payment
- $62,451
- Funds due
- $72,481
- Interest + MI left
- $112,143
- First ends
- Jun 2051
Assumption
Assumption + second
$1,729/mo
+$233/mo- Down payment
- $33,451
- Funds due
- $44,738
- Interest + MI left
- $167,146
- First ends
- Jun 2051
New loan
New conventional
$2,303/mo
+$807/mo- Down payment
- $33,451
- Funds due
- $41,078
- Interest + MI left
- $442,037
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $262,549 | $262,549 | $291,549 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,270.14 | $1,270.14 | $2,018.63 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | — | — | $58.31 |
| Taxes, insurance & HOA | $225.67 | $225.67 | $225.67 |
| Total housing payment | $1,495.81 | $1,729.15 | $2,302.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,451
Closing costs & prepaids$11,287
Usable credit−$0
Total buyer cash needed$44,738
Earnest money paid−$0
Remaining funds due$44,738
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,312.75
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)$227.00
Prepaid interest, first (1 days)$22.15
Prepaid interest, second (1 days)$7.15
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$46,904Through Nov 2026
Assumption only · ends Jun 2051$112,143
Assumption + second · ends Jun 2051, second Dec 2056$167,146
New conventional · ends Dec 2056$442,037