Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,538/mo
Lowest payment- Down payment
- $106,076
- Funds due
- $116,790
- Interest + MI left
- $109,785
- First ends
- Aug 2051
Assumption
Assumption + second
$2,093/mo
+$555/mo- Down payment
- $37,076
- Funds due
- $49,142
- Interest + MI left
- $240,653
- First ends
- Aug 2051
New loan
New conventional
$2,576/mo
+$1,038/mo- Down payment
- $37,076
- Funds due
- $45,593
- Interest + MI left
- $477,952
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,924 | $257,924 | $326,924 |
| Second mortgage | — | $69,000 | — |
| First P&I | $1,242.26 | $1,242.26 | $2,214.70 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | — | — | $65.38 |
| Taxes, insurance & HOA | $295.58 | $295.58 | $295.58 |
| Total housing payment | $1,537.84 | $2,093.03 | $2,575.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,076
Closing costs & prepaids$12,066
Usable credit−$0
Total buyer cash needed$49,142
Earnest money paid−$0
Remaining funds due$49,142
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,640.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,289.62
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)$436.75
Prepaid interest, first (6 days)$129.74
Prepaid interest, second (6 days)$102.08
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 8 moOf the original 30-year loan at 3.06%
Interest already paid$45,027Through Dec 2026
Assumption only · ends Aug 2051$109,785
Assumption + second · ends Aug 2051, second Jan 2057$240,653
New conventional · ends Jan 2057$477,952