Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,785/mo
Lowest payment- Down payment
- $122,418
- Funds due
- $134,223
- Interest + MI left
- $134,346
- First ends
- Feb 2052
Assumption
Assumption + second
$2,421/mo
+$636/mo- Down payment
- $43,418
- Funds due
- $56,648
- Interest + MI left
- $284,181
- First ends
- Feb 2052
New loan
New conventional
$3,018/mo
+$1,233/mo- Down payment
- $43,418
- Funds due
- $52,909
- Interest + MI left
- $565,247
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $307,582 | $307,582 | $386,582 |
| Second mortgage | — | $79,000 | — |
| First P&I | $1,463.34 | $1,463.34 | $2,618.84 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | — | — | $77.32 |
| Taxes, insurance & HOA | $322.00 | $322.00 | $322.00 |
| Total housing payment | $1,785.34 | $2,420.99 | $3,018.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,418
Closing costs & prepaids$13,230
Usable credit−$0
Total buyer cash needed$56,648
Earnest money paid−$0
Remaining funds due$56,648
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,537.91
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)$516.00
Prepaid interest, first (9 days)$232.84
Prepaid interest, second (9 days)$175.32
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 2 moOf the original 30-year loan at 3.07%
Interest already paid$48,455Through Dec 2026
Assumption only · ends Feb 2052$134,346
Assumption + second · ends Feb 2052, second Jan 2057$284,181
New conventional · ends Jan 2057$565,247