Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,591/mo
Lowest payment- Down payment
- $135,031
- Funds due
- $146,566
- Interest + MI left
- $88,780
- First ends
- Oct 2051
Assumption
Assumption + second
$2,331/mo
+$740/mo- Down payment
- $43,031
- Funds due
- $55,953
- Interest + MI left
- $263,271
- First ends
- Oct 2051
New loan
New conventional
$2,984/mo
+$1,393/mo- Down payment
- $43,031
- Funds due
- $52,237
- Interest + MI left
- $558,502
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $289,969 | $289,969 | $381,969 |
| Second mortgage | — | $92,000 | — |
| First P&I | $1,270.97 | $1,270.97 | $2,587.59 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | — | — | $76.39 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,590.97 | $2,331.22 | $2,983.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,031
Closing costs & prepaids$12,921
Usable credit−$0
Total buyer cash needed$55,953
Earnest money paid−$0
Remaining funds due$55,953
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,449.84
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)$510.00
Prepaid interest, first (6 days)$107.25
Prepaid interest, second (6 days)$136.11
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 10 moOf the original 30-year loan at 2.25%
Interest already paid$36,269Through Dec 2026
Assumption only · ends Oct 2051$88,780
Assumption + second · ends Oct 2051, second Jan 2057$263,271
New conventional · ends Jan 2057$558,502