Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,463/mo
Lowest payment- Down payment
- $101,976
- Funds due
- $112,516
- Interest + MI left
- $100,215
- First ends
- Aug 2051
Assumption
Assumption + second
$2,002/mo
+$539/mo- Down payment
- $34,976
- Funds due
- $46,915
- Interest + MI left
- $227,290
- First ends
- Aug 2051
New loan
New conventional
$2,480/mo
+$1,017/mo- Down payment
- $34,976
- Funds due
- $43,516
- Interest + MI left
- $459,155
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,024 | $247,024 | $314,024 |
| Second mortgage | — | $67,000 | — |
| First P&I | $1,173.11 | $1,173.11 | $2,127.31 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | — | — | $62.80 |
| Taxes, insurance & HOA | $289.58 | $289.58 | $289.58 |
| Total housing payment | $1,462.69 | $2,001.79 | $2,479.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,976
Closing costs & prepaids$11,939
Usable credit−$0
Total buyer cash needed$46,915
Earnest money paid−$0
Remaining funds due$46,915
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,235.12
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)$418.75
Prepaid interest, first (9 days)$178.47
Prepaid interest, second (9 days)$148.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 8 moOf the original 30-year loan at 2.93%
Interest already paid$41,347Through Dec 2026
Assumption only · ends Aug 2051$100,215
Assumption + second · ends Aug 2051, second Jan 2057$227,290
New conventional · ends Jan 2057$459,155