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
- $72,161
- Funds due
- $84,864
- Interest + MI left
- $162,346
- First ends
- Jul 2051
Assumption
Assumption + second
$2,406/mo
+$209/mo- Down payment
- $46,161
- Funds due
- $60,159
- Interest + MI left
- $211,659
- First ends
- Jul 2051
New loan
New conventional
$3,200/mo
+$1,003/mo- Down payment
- $46,161
- Funds due
- $56,033
- Interest + MI left
- $597,790
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $382,839 | $382,839 | $408,839 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,848.08 | $1,848.08 | $2,769.62 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $81.77 |
| Taxes, insurance & HOA | $348.67 | $348.67 | $348.67 |
| Total housing payment | $2,196.75 | $2,405.95 | $3,200.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,161
Closing costs & prepaids$13,998
Usable credit−$0
Total buyer cash needed$60,159
Earnest money paid−$0
Remaining funds due$60,159
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,914.19
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)$546.00
Prepaid interest, first (7 days)$224.67
Prepaid interest, second (7 days)$44.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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$67,964Through Dec 2026
Assumption only · ends Jul 2051$162,346
Assumption + second · ends Jul 2051, second Jan 2057$211,659
New conventional · ends Jan 2057$597,790