Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,750/mo
Lowest payment- Down payment
- $125,511
- Funds due
- $137,126
- Interest + MI left
- $113,895
- First ends
- Jan 2051
Assumption
Assumption + second
$2,418/mo
+$668/mo- Down payment
- $42,511
- Funds due
- $55,499
- Interest + MI left
- $271,316
- First ends
- Jan 2051
New loan
New conventional
$2,987/mo
+$1,237/mo- Down payment
- $42,511
- Funds due
- $51,722
- Interest + MI left
- $559,229
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,466 | $299,466 | $382,466 |
| Second mortgage | — | $83,000 | — |
| First P&I | $1,430.31 | $1,430.31 | $2,590.96 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | — | — | $76.49 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,750.31 | $2,418.15 | $2,987.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,511
Closing costs & prepaids$12,987
Usable credit−$0
Total buyer cash needed$55,499
Earnest money paid−$0
Remaining funds due$55,499
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,249.77
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,497.33
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)$510.00
Prepaid interest, first (6 days)$139.31
Prepaid interest, second (6 days)$122.79
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 1 moOf the original 30-year loan at 2.83%
Interest already paid$54,268Through Dec 2026
Assumption only · ends Jan 2051$113,895
Assumption + second · ends Jan 2051, second Jan 2057$271,316
New conventional · ends Jan 2057$559,229