Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,228/mo
Lowest payment- Down payment
- $118,543
- Funds due
- $131,853
- Interest + MI left
- $136,741
- First ends
- Oct 2051
Assumption
Assumption + second
$2,791/mo
+$563/mo- Down payment
- $48,543
- Funds due
- $63,137
- Interest + MI left
- $269,506
- First ends
- Oct 2051
New loan
New conventional
$3,631/mo
+$1,403/mo- Down payment
- $48,543
- Funds due
- $58,893
- Interest + MI left
- $652,561
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $360,345 | $360,345 | $430,345 |
| Second mortgage | — | $70,000 | — |
| First P&I | $1,662.49 | $1,662.49 | $2,979.62 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | — | — | $86.07 |
| Taxes, insurance & HOA | $565.75 | $565.75 | $565.75 |
| Total housing payment | $2,228.24 | $2,791.48 | $3,631.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,543
Closing costs & prepaids$14,594
Usable credit−$0
Total buyer cash needed$63,137
Earnest money paid−$0
Remaining funds due$63,137
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,788.88
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,801.73
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)$1,197.25
Prepaid interest, first (2 days)$53.90
Prepaid interest, second (2 days)$34.52
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 closing24 yr 11 moOf the original 30-year loan at 2.730%
Interest already paid$53,465Through Nov 2026
Assumption only · ends Oct 2051$136,741
Assumption + second · ends Oct 2051, second Dec 2056$269,506
New conventional · ends Dec 2056$652,561