Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,092/mo
Lowest payment- Down payment
- $103,222
- Funds due
- $116,031
- Interest + MI left
- $133,108
- First ends
- Mar 2051
Assumption
Assumption + second
$2,534/mo
+$443/mo- Down payment
- $48,222
- Funds due
- $62,362
- Interest + MI left
- $237,424
- First ends
- Mar 2051
New loan
New conventional
$3,333/mo
+$1,241/mo- Down payment
- $48,222
- Funds due
- $58,238
- Interest + MI left
- $623,935
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $371,778 | $371,778 | $426,778 |
| Second mortgage | — | $55,000 | — |
| First P&I | $1,735.01 | $1,735.01 | $2,891.14 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | — | — | $85.36 |
| Taxes, insurance & HOA | $356.67 | $356.67 | $356.67 |
| Total housing payment | $2,091.67 | $2,534.22 | $3,333.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,222
Closing costs & prepaids$14,141
Usable credit−$0
Total buyer cash needed$62,362
Earnest money paid−$0
Remaining funds due$62,362
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,858.89
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)$570.00
Prepaid interest, first (6 days)$162.56
Prepaid interest, second (6 days)$81.37
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 3 moOf the original 30-year loan at 2.66%
Interest already paid$61,494Through Dec 2026
Assumption only · ends Mar 2051$133,108
Assumption + second · ends Mar 2051, second Jan 2057$237,424
New conventional · ends Jan 2057$623,935