Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,843/mo
Lowest payment- Down payment
- $166,107
- Funds due
- $178,540
- Interest + MI left
- $154,006
- First ends
- Mar 2052
Assumption
Assumption + second
$2,687/mo
+$844/mo- Down payment
- $51,107
- Funds due
- $64,816
- Interest + MI left
- $342,784
- First ends
- Mar 2052
New loan
New conventional
$3,474/mo
+$1,631/mo- Down payment
- $51,107
- Funds due
- $60,581
- Interest + MI left
- $695,790
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $343,793 | $343,793 | $458,793 |
| Second mortgage | — | $115,000 | — |
| First P&I | $1,637.50 | $1,637.50 | $3,176.59 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | — | — | $91.76 |
| Taxes, insurance & HOA | $206.00 | $206.00 | $206.00 |
| Total housing payment | $1,843.50 | $2,687.32 | $3,474.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,107
Closing costs & prepaids$13,709
Usable credit−$0
Total buyer cash needed$64,816
Earnest money paid−$0
Remaining funds due$64,816
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,718.96
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)$118.00
Prepaid interest, first (1 days)$29.39
Prepaid interest, second (1 days)$25.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 4 moOf the original 30-year loan at 3.120%
Interest already paid$52,993Through Nov 2026
Assumption only · ends Mar 2052$154,006
Assumption + second · ends Mar 2052, second Dec 2056$342,784
New conventional · ends Dec 2056$695,790