Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,850/mo
Lowest payment- Down payment
- $104,454
- Funds due
- $116,278
- Interest + MI left
- $141,485
- First ends
- Feb 2052
Assumption
Assumption + second
$2,340/mo
+$491/mo- Down payment
- $43,454
- Funds due
- $56,664
- Interest + MI left
- $257,180
- First ends
- Feb 2052
New loan
New conventional
$2,980/mo
+$1,131/mo- Down payment
- $43,454
- Funds due
- $52,879
- Interest + MI left
- $557,661
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,446 | $320,446 | $381,446 |
| Second mortgage | — | $61,000 | — |
| First P&I | $1,529.57 | $1,529.57 | $2,584.05 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | — | — | $76.29 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $1,849.57 | $2,340.39 | $2,980.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,454
Closing costs & prepaids$13,210
Usable credit−$0
Total buyer cash needed$56,664
Earnest money paid−$0
Remaining funds due$56,664
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,249.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,602.23
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)$244.94
Prepaid interest, second (9 days)$135.37
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 3.1%
Interest already paid$50,961Through Dec 2026
Assumption only · ends Feb 2052$141,485
Assumption + second · ends Feb 2052, second Jan 2057$257,180
New conventional · ends Jan 2057$557,661