Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,525/mo
Lowest payment- Down payment
- $160,250
- Funds due
- $171,514
- Interest + MI left
- $116,177
- First ends
- Oct 2051
Assumption
Assumption + second
$2,369/mo
+$844/mo- Down payment
- $45,250
- Funds due
- $57,815
- Interest + MI left
- $304,956
- First ends
- Oct 2051
New loan
New conventional
$3,051/mo
+$1,526/mo- Down payment
- $45,250
- Funds due
- $53,939
- Interest + MI left
- $613,831
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $289,750 | $289,750 | $404,750 |
| Second mortgage | — | $115,000 | — |
| First P&I | $1,357.62 | $1,357.62 | $2,802.41 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | — | — | $80.95 |
| Taxes, insurance & HOA | $167.42 | $167.42 | $167.42 |
| Total housing payment | $1,525.03 | $2,368.86 | $3,050.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,250
Closing costs & prepaids$12,565
Usable credit−$0
Total buyer cash needed$57,815
Earnest money paid−$0
Remaining funds due$57,815
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,448.75
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)$52.25
Prepaid interest, first (2 days)$45.57
Prepaid interest, second (2 days)$50.41
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 2.870%
Interest already paid$45,133Through Nov 2026
Assumption only · ends Oct 2051$116,177
Assumption + second · ends Oct 2051, second Dec 2056$304,956
New conventional · ends Dec 2056$613,831