Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,521/mo
Lowest payment- Down payment
- $168,854
- Funds due
- $180,227
- Interest + MI left
- $93,220
- First ends
- Mar 2051
Assumption
Assumption + second
$2,445/mo
+$925/mo- Down payment
- $42,854
- Funds due
- $55,642
- Interest + MI left
- $300,055
- First ends
- Mar 2051
New loan
New conventional
$2,985/mo
+$1,465/mo- Down payment
- $42,854
- Funds due
- $52,061
- Interest + MI left
- $558,761
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $256,146 | $256,146 | $382,146 |
| Second mortgage | — | $126,000 | — |
| First P&I | $1,200.57 | $1,200.57 | $2,588.79 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | — | — | $76.43 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,520.57 | $2,445.11 | $2,985.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,854
Closing costs & prepaids$12,788
Usable credit−$0
Total buyer cash needed$55,642
Earnest money paid−$0
Remaining funds due$55,642
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,280.73
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)$113.69
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 closing24 yr 3 moOf the original 30-year loan at 2.7%
Interest already paid$42,985Through Dec 2026
Assumption only · ends Mar 2051$93,220
Assumption + second · ends Mar 2051, second Jan 2057$300,055
New conventional · ends Jan 2057$558,761