Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,197/mo
Lowest payment- Down payment
- $166,653
- Funds due
- $180,373
- Interest + MI left
- $143,485
- First ends
- Mar 2051
Assumption
Assumption + second
$3,012/mo
+$814/mo- Down payment
- $55,653
- Funds due
- $70,769
- Interest + MI left
- $325,697
- First ends
- Mar 2051
New loan
New conventional
$3,834/mo
+$1,637/mo- Down payment
- $55,653
- Funds due
- $66,515
- Interest + MI left
- $722,817
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $383,347 | $383,347 | $494,347 |
| Second mortgage | — | $111,000 | — |
| First P&I | $1,810.42 | $1,810.42 | $3,348.88 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | — | — | $98.87 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $2,197.08 | $3,011.56 | $3,834.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,653
Closing costs & prepaids$15,115
Usable credit−$0
Total buyer cash needed$70,769
Earnest money paid−$0
Remaining funds due$70,769
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,916.73
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)$174.55
Prepaid interest, second (6 days)$145.97
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 3 moOf the original 30-year loan at 2.77%
Interest already paid$65,946Through Dec 2026
Assumption only · ends Mar 2051$143,485
Assumption + second · ends Mar 2051, second Jan 2057$325,697
New conventional · ends Jan 2057$722,817