Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,662/mo
Lowest payment- Down payment
- $157,332
- Funds due
- $169,095
- Interest + MI left
- $100,456
- First ends
- Mar 2051
Assumption
Assumption + second
$2,484/mo
+$822/mo- Down payment
- $45,332
- Funds due
- $58,492
- Interest + MI left
- $284,310
- First ends
- Mar 2051
New loan
New conventional
$3,115/mo
+$1,454/mo- Down payment
- $45,332
- Funds due
- $54,759
- Interest + MI left
- $584,301
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $287,668 | $287,668 | $399,668 |
| Second mortgage | — | $112,000 | — |
| First P&I | $1,333.76 | $1,333.76 | $2,707.49 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | — | — | $79.93 |
| Taxes, insurance & HOA | $328.00 | $328.00 | $328.00 |
| Total housing payment | $1,661.76 | $2,483.58 | $3,115.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,332
Closing costs & prepaids$13,161
Usable credit−$0
Total buyer cash needed$58,492
Earnest money paid−$0
Remaining funds due$58,492
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,438.34
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)$534.00
Prepaid interest, first (6 days)$122.95
Prepaid interest, second (6 days)$147.29
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 2.6%
Interest already paid$46,541Through Dec 2026
Assumption only · ends Mar 2051$100,456
Assumption + second · ends Mar 2051, second Jan 2057$284,310
New conventional · ends Jan 2057$584,301