Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,263/mo
Lowest payment- Down payment
- $132,936
- Funds due
- $146,514
- Interest + MI left
- $158,673
- First ends
- Jul 2051
Assumption
Assumption + second
$2,898/mo
+$636/mo- Down payment
- $53,936
- Funds due
- $68,881
- Interest + MI left
- $308,508
- First ends
- Jul 2051
New loan
New conventional
$3,699/mo
+$1,436/mo- Down payment
- $53,936
- Funds due
- $64,570
- Interest + MI left
- $695,989
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $397,064 | $397,064 | $476,064 |
| Second mortgage | — | $79,000 | — |
| First P&I | $1,883.86 | $1,883.86 | $3,225.02 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | — | — | $95.21 |
| Taxes, insurance & HOA | $378.67 | $378.67 | $378.67 |
| Total housing payment | $2,262.52 | $2,898.18 | $3,698.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,936
Closing costs & prepaids$14,945
Usable credit−$0
Total buyer cash needed$68,881
Earnest money paid−$0
Remaining funds due$68,881
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,985.32
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)$636.00
Prepaid interest, first (6 days)$189.29
Prepaid interest, second (6 days)$116.88
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 7 moOf the original 30-year loan at 2.9%
Interest already paid$66,915Through Dec 2026
Assumption only · ends Jul 2051$158,673
Assumption + second · ends Jul 2051, second Jan 2057$308,508
New conventional · ends Jan 2057$695,989