Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,637/mo
Lowest payment- Down payment
- $149,808
- Funds due
- $161,367
- Interest + MI left
- $115,871
- First ends
- Sep 2051
Assumption
Assumption + second
$2,422/mo
+$785/mo- Down payment
- $42,808
- Funds due
- $55,828
- Interest + MI left
- $291,517
- First ends
- Sep 2051
New loan
New conventional
$2,986/mo
+$1,349/mo- Down payment
- $42,808
- Funds due
- $52,242
- Interest + MI left
- $558,828
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $275,192 | $275,192 | $382,192 |
| Second mortgage | — | $107,000 | — |
| First P&I | $1,316.71 | $1,316.71 | $2,589.10 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | — | — | $76.44 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,636.71 | $2,421.84 | $2,985.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,808
Closing costs & prepaids$13,020
Usable credit−$0
Total buyer cash needed$55,828
Earnest money paid−$0
Remaining funds due$55,828
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,375.96
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)$510.00
Prepaid interest, first (9 days)$204.92
Prepaid interest, second (9 days)$211.07
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 9 moOf the original 30-year loan at 3.02%
Interest already paid$46,633Through Dec 2026
Assumption only · ends Sep 2051$115,871
Assumption + second · ends Sep 2051, second Jan 2057$291,517
New conventional · ends Jan 2057$558,828