Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,956/mo
Lowest payment- Down payment
- $162,551
- Funds due
- $175,554
- Interest + MI left
- $142,607
- First ends
- Feb 2052
Assumption
Assumption + second
$2,778/mo
+$822/mo- Down payment
- $50,551
- Funds due
- $65,025
- Interest + MI left
- $326,461
- First ends
- Feb 2052
New loan
New conventional
$3,501/mo
+$1,545/mo- Down payment
- $50,551
- Funds due
- $61,116
- Interest + MI left
- $657,167
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $337,448 | $337,448 | $449,448 |
| Second mortgage | — | $112,000 | — |
| First P&I | $1,589.59 | $1,589.59 | $3,044.72 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | — | — | $89.89 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $1,956.26 | $2,778.07 | $3,501.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,551
Closing costs & prepaids$14,474
Usable credit−$0
Total buyer cash needed$65,025
Earnest money paid−$0
Remaining funds due$65,025
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,687.24
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)$600.00
Prepaid interest, first (9 days)$247.96
Prepaid interest, second (9 days)$220.93
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 2.98%
Interest already paid$51,645Through Dec 2026
Assumption only · ends Feb 2052$142,607
Assumption + second · ends Feb 2052, second Jan 2057$326,461
New conventional · ends Jan 2057$657,167