Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,270/mo
Lowest payment- Down payment
- $152,572
- Funds due
- $166,378
- Interest + MI left
- $161,832
- First ends
- Sep 2051
Assumption
Assumption + second
$3,050/mo
+$780/mo- Down payment
- $55,572
- Funds due
- $70,772
- Interest + MI left
- $345,807
- First ends
- Sep 2051
New loan
New conventional
$3,835/mo
+$1,565/mo- Down payment
- $55,572
- Funds due
- $66,435
- Interest + MI left
- $722,934
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $397,427 | $397,427 | $494,427 |
| Second mortgage | — | $97,000 | — |
| First P&I | $1,883.03 | $1,883.03 | $3,349.42 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | — | — | $98.89 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $2,269.70 | $3,050.18 | $3,834.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,572
Closing costs & prepaids$15,200
Usable credit−$0
Total buyer cash needed$70,772
Earnest money paid−$0
Remaining funds due$70,772
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,987.14
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)$660.00
Prepaid interest, first (6 days)$191.42
Prepaid interest, second (6 days)$143.51
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 9 moOf the original 30-year loan at 2.93%
Interest already paid$65,398Through Dec 2026
Assumption only · ends Sep 2051$161,832
Assumption + second · ends Sep 2051, second Jan 2057$345,807
New conventional · ends Jan 2057$722,934