Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,564/mo
Lowest payment- Down payment
- $94,379
- Funds due
- $108,394
- Interest + MI left
- $195,783
- First ends
- Jun 2051
Assumption
Assumption + second
$2,886/mo
+$322/mo- Down payment
- $54,379
- Funds due
- $69,713
- Interest + MI left
- $271,649
- First ends
- Jun 2051
New loan
New conventional
$3,770/mo
+$1,205/mo- Down payment
- $54,379
- Funds due
- $65,227
- Interest + MI left
- $710,058
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $445,621 | $445,621 | $485,621 |
| Second mortgage | — | $40,000 | — |
| First P&I | $2,181.65 | $2,181.65 | $3,289.77 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | — | — | $97.12 |
| Taxes, insurance & HOA | $382.67 | $382.67 | $382.67 |
| Total housing payment | $2,564.31 | $2,886.16 | $3,769.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,379
Closing costs & prepaids$15,334
Usable credit−$0
Total buyer cash needed$69,713
Earnest money paid−$0
Remaining funds due$69,713
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,228.11
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)$648.00
Prepaid interest, first (7 days)$270.91
Prepaid interest, second (7 days)$69.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6 moOf the original 30-year loan at 3.17%
Interest already paid$83,225Through Dec 2026
Assumption only · ends Jun 2051$195,783
Assumption + second · ends Jun 2051, second Jan 2057$271,649
New conventional · ends Jan 2057$710,058