Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,127/mo
Lowest payment- Down payment
- $157,348
- Funds due
- $170,635
- Interest + MI left
- $152,656
- First ends
- Jun 2051
Assumption
Assumption + second
$2,898/mo
+$770/mo- Down payment
- $52,348
- Funds due
- $67,023
- Interest + MI left
- $325,019
- First ends
- Jun 2051
New loan
New conventional
$3,636/mo
+$1,509/mo- Down payment
- $52,348
- Funds due
- $62,875
- Interest + MI left
- $683,785
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,652 | $362,652 | $467,652 |
| Second mortgage | — | $105,000 | — |
| First P&I | $1,752.75 | $1,752.75 | $3,168.04 |
| Second P&I | — | $770.45 | — |
| Mortgage insurance | — | — | $93.53 |
| Taxes, insurance & HOA | $374.67 | $374.67 | $374.67 |
| Total housing payment | $2,127.41 | $2,897.87 | $3,636.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,348
Closing costs & prepaids$14,675
Usable credit−$0
Total buyer cash needed$67,023
Earnest money paid−$0
Remaining funds due$67,023
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,200.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,813.26
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)$624.00
Prepaid interest, first (6 days)$181.82
Prepaid interest, second (6 days)$138.08
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 6 moOf the original 30-year loan at 3.05%
Interest already paid$65,247Through Dec 2026
Assumption only · ends Jun 2051$152,656
Assumption + second · ends Jun 2051, second Jan 2057$325,019
New conventional · ends Jan 2057$683,785