Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,999/mo
Lowest payment- Down payment
- $86,317
- Funds due
- $98,279
- Interest + MI left
- $133,049
- First ends
- Feb 2052
Assumption
Assumption + second
$2,369/mo
+$370/mo- Down payment
- $40,317
- Funds due
- $53,552
- Interest + MI left
- $220,295
- First ends
- Feb 2052
New loan
New conventional
$3,087/mo
+$1,088/mo- Down payment
- $40,317
- Funds due
- $49,609
- Interest + MI left
- $545,483
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $313,683 | $313,683 | $359,683 |
| Second mortgage | — | $46,000 | — |
| First P&I | $1,474.36 | $1,474.36 | $2,490.37 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | — | — | $71.94 |
| Taxes, insurance & HOA | $524.92 | $524.92 | $524.92 |
| Total housing payment | $1,999.28 | $2,369.41 | $3,087.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,317
Closing costs & prepaids$13,235
Usable credit−$0
Total buyer cash needed$53,552
Earnest money paid−$0
Remaining funds due$53,552
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,568.42
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)$1,124.75
Prepaid interest, first (2 days)$51.22
Prepaid interest, second (2 days)$22.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3 moOf the original 30-year loan at 2.980%
Interest already paid$47,122Through Nov 2026
Assumption only · ends Feb 2052$133,049
Assumption + second · ends Feb 2052, second Dec 2056$220,295
New conventional · ends Dec 2056$545,483