Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,756/mo
Lowest payment- Down payment
- $67,059
- Funds due
- $78,795
- Interest + MI left
- $129,431
- First ends
- Aug 2051
Assumption
Assumption + second
$1,965/mo
+$209/mo- Down payment
- $41,059
- Funds due
- $54,103
- Interest + MI left
- $178,743
- First ends
- Aug 2051
New loan
New conventional
$2,887/mo
+$1,131/mo- Down payment
- $41,059
- Funds due
- $50,319
- Interest + MI left
- $539,451
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $342,940 | $342,940 | $368,940 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,442.19 | $1,442.19 | $2,499.33 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | — | — | $73.79 |
| Taxes, insurance & HOA | $314.00 | $314.00 | $314.00 |
| Total housing payment | $1,756.19 | $1,965.39 | $2,887.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,059
Closing costs & prepaids$13,044
Usable credit−$0
Total buyer cash needed$54,103
Earnest money paid−$0
Remaining funds due$54,103
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,099.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,714.70
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)$492.00
Prepaid interest, first (9 days)$211.40
Prepaid interest, second (9 days)$57.70
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 8 moOf the original 30-year loan at 2.5%
Interest already paid$45,676Through Dec 2026
Assumption only · ends Aug 2051$129,431
Assumption + second · ends Aug 2051, second Jan 2057$178,743
New conventional · ends Jan 2057$539,451