Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,902/mo
Lowest payment- Down payment
- $176,620
- Funds due
- $189,436
- Interest + MI left
- $140,870
- First ends
- Jan 2052
Assumption
Assumption + second
$2,826/mo
+$925/mo- Down payment
- $50,620
- Funds due
- $64,852
- Interest + MI left
- $347,706
- First ends
- Jan 2052
New loan
New conventional
$3,486/mo
+$1,584/mo- Down payment
- $50,620
- Funds due
- $60,894
- Interest + MI left
- $654,054
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $321,380 | $321,380 | $447,380 |
| Second mortgage | — | $126,000 | — |
| First P&I | $1,535.71 | $1,535.71 | $3,030.71 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | — | — | $89.48 |
| Taxes, insurance & HOA | $365.83 | $365.83 | $365.83 |
| Total housing payment | $1,901.55 | $2,826.09 | $3,486.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,620
Closing costs & prepaids$14,231
Usable credit−$0
Total buyer cash needed$64,852
Earnest money paid−$0
Remaining funds due$64,852
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,980.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,606.90
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)$597.50
Prepaid interest, first (6 days)$163.24
Prepaid interest, second (6 days)$165.70
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 closing25 yr 1 moOf the original 30-year loan at 3.09%
Interest already paid$51,891Through Dec 2026
Assumption only · ends Jan 2052$140,870
Assumption + second · ends Jan 2052, second Jan 2057$347,706
New conventional · ends Jan 2057$654,054