Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,944/mo
Lowest payment- Down payment
- $188,783
- Funds due
- $201,967
- Interest + MI left
- $130,706
- First ends
- Oct 2051
Assumption
Assumption + second
$2,941/mo
+$998/mo- Down payment
- $52,783
- Funds due
- $67,396
- Interest + MI left
- $353,958
- First ends
- Oct 2051
New loan
New conventional
$3,670/mo
+$1,727/mo- Down payment
- $52,783
- Funds due
- $63,368
- Interest + MI left
- $690,459
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $336,217 | $336,217 | $472,217 |
| Second mortgage | — | $136,000 | — |
| First P&I | $1,566.86 | $1,566.86 | $3,198.96 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | — | — | $94.44 |
| Taxes, insurance & HOA | $376.67 | $376.67 | $376.67 |
| Total housing payment | $1,943.52 | $2,941.44 | $3,670.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,783
Closing costs & prepaids$14,613
Usable credit−$0
Total buyer cash needed$67,396
Earnest money paid−$0
Remaining funds due$67,396
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,681.08
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)$630.00
Prepaid interest, first (6 days)$154.75
Prepaid interest, second (6 days)$178.85
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 2.8%
Interest already paid$52,034Through Dec 2026
Assumption only · ends Oct 2051$130,706
Assumption + second · ends Oct 2051, second Jan 2057$353,958
New conventional · ends Jan 2057$690,459