Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,595/mo
Lowest payment- Down payment
- $63,595
- Funds due
- $74,033
- Interest + MI left
- $106,598
- First ends
- Jan 2051
Assumption
Assumption + second
$1,828/mo
+$233/mo- Down payment
- $34,595
- Funds due
- $46,297
- Interest + MI left
- $161,600
- First ends
- Jan 2051
New loan
New conventional
$2,468/mo
+$873/mo- Down payment
- $34,595
- Funds due
- $42,570
- Interest + MI left
- $470,750
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,405 | $281,405 | $310,405 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,337.94 | $1,337.94 | $2,149.18 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | — | — | $62.08 |
| Taxes, insurance & HOA | $256.58 | $256.58 | $256.58 |
| Total housing payment | $1,594.53 | $1,827.87 | $2,467.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,595
Closing costs & prepaids$11,702
Usable credit−$0
Total buyer cash needed$46,297
Earnest money paid−$0
Remaining funds due$46,297
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%)$1,407.03
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)$319.75
Prepaid interest, first (2 days)$43.33
Prepaid interest, second (2 days)$14.30
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 2 moOf the original 30-year loan at 2.810%
Interest already paid$49,865Through Nov 2026
Assumption only · ends Jan 2051$106,598
Assumption + second · ends Jan 2051, second Dec 2056$161,600
New conventional · ends Dec 2056$470,750