Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,272/mo
Lowest payment- Down payment
- $102,859
- Funds due
- $116,265
- Interest + MI left
- $161,365
- First ends
- Nov 2051
Assumption
Assumption + second
$2,682/mo
+$410/mo- Down payment
- $51,859
- Funds due
- $66,590
- Interest + MI left
- $258,093
- First ends
- Nov 2051
New loan
New conventional
$3,566/mo
+$1,294/mo- Down payment
- $51,859
- Funds due
- $62,268
- Interest + MI left
- $669,786
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $407,141 | $407,141 | $458,141 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,901.36 | $1,901.36 | $3,103.61 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | — | — | $91.63 |
| Taxes, insurance & HOA | $370.67 | $370.67 | $370.67 |
| Total housing payment | $2,272.02 | $2,682.38 | $3,565.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,859
Closing costs & prepaids$14,731
Usable credit−$0
Total buyer cash needed$66,590
Earnest money paid−$0
Remaining funds due$66,590
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,035.70
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)$612.00
Prepaid interest, first (6 days)$190.07
Prepaid interest, second (6 days)$75.45
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 11 moOf the original 30-year loan at 2.84%
Interest already paid$62,774Through Dec 2026
Assumption only · ends Nov 2051$161,365
Assumption + second · ends Nov 2051, second Jan 2057$258,093
New conventional · ends Jan 2057$669,786