Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,135/mo
Lowest payment- Down payment
- $76,007
- Funds due
- $88,323
- Interest + MI left
- $158,595
- First ends
- Jul 2051
Assumption
Assumption + second
$2,385/mo
+$249/mo- Down payment
- $45,007
- Funds due
- $58,619
- Interest + MI left
- $217,391
- First ends
- Jul 2051
New loan
New conventional
$3,155/mo
+$1,019/mo- Down payment
- $45,007
- Funds due
- $54,500
- Interest + MI left
- $592,167
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $373,993 | $373,993 | $404,993 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,805.38 | $1,805.38 | $2,743.56 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | — | — | $81.00 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $2,135.38 | $2,384.82 | $3,154.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,007
Closing costs & prepaids$13,612
Usable credit−$0
Total buyer cash needed$58,619
Earnest money paid−$0
Remaining funds due$58,619
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,869.96
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)$540.00
Prepaid interest, first (6 days)$188.12
Prepaid interest, second (6 days)$45.86
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 7 moOf the original 30-year loan at 3.06%
Interest already paid$66,394Through Dec 2026
Assumption only · ends Jul 2051$158,595
Assumption + second · ends Jul 2051, second Jan 2057$217,391
New conventional · ends Jan 2057$592,167