Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,879/mo
Lowest payment- Down payment
- $180,476
- Funds due
- $193,287
- Interest + MI left
- $119,146
- First ends
- Feb 2051
Assumption
Assumption + second
$2,833/mo
+$954/mo- Down payment
- $50,476
- Funds due
- $64,708
- Interest + MI left
- $332,548
- First ends
- Feb 2051
New loan
New conventional
$3,502/mo
+$1,622/mo- Down payment
- $50,476
- Funds due
- $60,777
- Interest + MI left
- $657,278
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $319,524 | $319,524 | $449,524 |
| Second mortgage | — | $130,000 | — |
| First P&I | $1,512.65 | $1,512.65 | $3,045.23 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | — | — | $89.90 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,879.32 | $2,833.22 | $3,501.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,476
Closing costs & prepaids$14,232
Usable credit−$0
Total buyer cash needed$64,708
Earnest money paid−$0
Remaining funds due$64,708
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,597.62
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)$600.00
Prepaid interest, first (6 days)$145.49
Prepaid interest, second (6 days)$170.96
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 2 moOf the original 30-year loan at 2.77%
Interest already paid$55,839Through Dec 2026
Assumption only · ends Feb 2051$119,146
Assumption + second · ends Feb 2051, second Jan 2057$332,548
New conventional · ends Jan 2057$657,278