Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,017/mo
Lowest payment- Down payment
- $126,751
- Funds due
- $139,327
- Interest + MI left
- $171,788
- First ends
- Mar 2052
Assumption
Assumption + second
$2,661/mo
+$644/mo- Down payment
- $46,751
- Funds due
- $60,755
- Interest + MI left
- $323,519
- First ends
- Mar 2052
New loan
New conventional
$3,232/mo
+$1,215/mo- Down payment
- $46,751
- Funds due
- $56,841
- Interest + MI left
- $604,010
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,149 | $333,149 | $413,149 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,666.46 | $1,666.46 | $2,798.82 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | — | — | $82.63 |
| Taxes, insurance & HOA | $350.67 | $350.67 | $350.67 |
| Total housing payment | $2,017.13 | $2,660.82 | $3,232.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,751
Closing costs & prepaids$14,004
Usable credit−$0
Total buyer cash needed$60,755
Earnest money paid−$0
Remaining funds due$60,755
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,599.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,665.75
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)$552.00
Prepaid interest, first (9 days)$291.62
Prepaid interest, second (9 days)$177.53
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 closing25 yr 3 moOf the original 30-year loan at 3.55%
Interest already paid$59,322Through Dec 2026
Assumption only · ends Mar 2052$171,788
Assumption + second · ends Mar 2052, second Jan 2057$323,519
New conventional · ends Jan 2057$604,010