Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,932/mo
Lowest payment- Down payment
- $99,373
- Funds due
- $114,730
- Interest + MI left
- $221,318
- First ends
- Sep 2051
Assumption
Assumption + second
$3,221/mo
+$290/mo- Down payment
- $63,373
- Funds due
- $80,033
- Interest + MI left
- $289,597
- First ends
- Sep 2051
New loan
New conventional
$4,334/mo
+$1,402/mo- Down payment
- $63,373
- Funds due
- $75,077
- Interest + MI left
- $821,192
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $525,627 | $525,627 | $561,627 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,514.97 | $2,514.97 | $3,804.66 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | — | — | $112.33 |
| Taxes, insurance & HOA | $416.67 | $416.67 | $416.67 |
| Total housing payment | $2,931.63 | $3,221.30 | $4,333.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,373
Closing costs & prepaids$16,660
Usable credit−$0
Total buyer cash needed$80,033
Earnest money paid−$0
Remaining funds due$80,033
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,628.14
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)$750.00
Prepaid interest, first (6 days)$260.94
Prepaid interest, second (6 days)$53.26
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 3.02%
Interest already paid$89,070Through Dec 2026
Assumption only · ends Sep 2051$221,318
Assumption + second · ends Sep 2051, second Jan 2057$289,597
New conventional · ends Jan 2057$821,192