Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,148/mo
Lowest payment- Down payment
- $179,296
- Funds due
- $192,957
- Interest + MI left
- $152,618
- First ends
- Sep 2051
Assumption
Assumption + second
$3,058/mo
+$910/mo- Down payment
- $55,296
- Funds due
- $70,370
- Interest + MI left
- $356,171
- First ends
- Sep 2051
New loan
New conventional
$3,836/mo
+$1,688/mo- Down payment
- $55,296
- Funds due
- $66,161
- Interest + MI left
- $723,193
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $370,604 | $370,604 | $494,604 |
| Second mortgage | — | $124,000 | — |
| First P&I | $1,761.69 | $1,761.69 | $3,350.62 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | — | — | $98.92 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $2,148.36 | $3,058.22 | $3,836.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,296
Closing costs & prepaids$15,073
Usable credit−$0
Total buyer cash needed$70,370
Earnest money paid−$0
Remaining funds due$70,370
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,853.02
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$660.00
Prepaid interest, first (6 days)$180.33
Prepaid interest, second (6 days)$163.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 9 moOf the original 30-year loan at 2.96%
Interest already paid$61,590Through Dec 2026
Assumption only · ends Sep 2051$152,618
Assumption + second · ends Sep 2051, second Jan 2057$356,171
New conventional · ends Jan 2057$723,193