Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,263/mo
Lowest payment- Down payment
- $98,451
- Funds due
- $108,219
- Interest + MI left
- $84,212
- First ends
- Apr 2051
Assumption
Assumption + second
$1,794/mo
+$531/mo- Down payment
- $32,451
- Funds due
- $43,501
- Interest + MI left
- $209,391
- First ends
- Apr 2051
New loan
New conventional
$2,268/mo
+$1,005/mo- Down payment
- $32,451
- Funds due
- $40,076
- Interest + MI left
- $436,030
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,549 | $221,549 | $287,549 |
| Second mortgage | — | $66,000 | — |
| First P&I | $1,043.55 | $1,043.55 | $1,990.93 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | — | — | $57.51 |
| Taxes, insurance & HOA | $219.33 | $219.33 | $219.33 |
| Total housing payment | $1,262.89 | $1,793.94 | $2,267.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,451
Closing costs & prepaids$11,050
Usable credit−$0
Total buyer cash needed$43,501
Earnest money paid−$0
Remaining funds due$43,501
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,107.74
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)$208.00
Prepaid interest, first (2 days)$33.87
Prepaid interest, second (2 days)$32.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5 moOf the original 30-year loan at 2.790%
Interest already paid$37,167Through Nov 2026
Assumption only · ends Apr 2051$84,212
Assumption + second · ends Apr 2051, second Dec 2056$209,391
New conventional · ends Dec 2056$436,030