Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,300/mo
Lowest payment- Down payment
- $148,763
- Funds due
- $162,703
- Interest + MI left
- $176,522
- First ends
- Feb 2052
Assumption
Assumption + second
$3,048/mo
+$748/mo- Down payment
- $55,763
- Funds due
- $71,159
- Interest + MI left
- $352,909
- First ends
- Feb 2052
New loan
New conventional
$3,834/mo
+$1,534/mo- Down payment
- $55,763
- Funds due
- $66,915
- Interest + MI left
- $722,656
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $401,237 | $401,237 | $494,237 |
| Second mortgage | — | $93,000 | — |
| First P&I | $1,913.11 | $1,913.11 | $3,348.13 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | — | — | $98.85 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $2,299.78 | $3,048.07 | $3,833.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,763
Closing costs & prepaids$15,396
Usable credit−$0
Total buyer cash needed$71,159
Earnest money paid−$0
Remaining funds due$71,159
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,006.19
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)$660.00
Prepaid interest, first (9 days)$305.71
Prepaid interest, second (9 days)$206.38
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 3.09%
Interest already paid$63,610Through Dec 2026
Assumption only · ends Feb 2052$176,522
Assumption + second · ends Feb 2052, second Jan 2057$352,909
New conventional · ends Jan 2057$722,656