Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,601/mo
Lowest payment- Down payment
- $188,817
- Funds due
- $200,436
- Interest + MI left
- $99,073
- First ends
- Jul 2051
Assumption
Assumption + second
$2,673/mo
+$1,071/mo- Down payment
- $42,817
- Funds due
- $55,750
- Interest + MI left
- $338,739
- First ends
- Jul 2051
New loan
New conventional
$3,172/mo
+$1,571/mo- Down payment
- $42,817
- Funds due
- $52,173
- Interest + MI left
- $571,796
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $231,083 | $231,083 | $377,083 |
| Second mortgage | — | $146,000 | — |
| First P&I | $1,115.39 | $1,115.39 | $2,610.85 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | — | — | $75.42 |
| Taxes, insurance & HOA | $485.83 | $485.83 | $485.83 |
| Total housing payment | $1,601.22 | $2,672.52 | $3,172.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,817
Closing costs & prepaids$12,933
Usable credit−$0
Total buyer cash needed$55,750
Earnest money paid−$0
Remaining funds due$55,750
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,155.41
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)$1,007.50
Prepaid interest, first (2 days)$39.00
Prepaid interest, second (2 days)$64.00
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 8 moOf the original 30-year loan at 3.080%
Interest already paid$40,597Through Nov 2026
Assumption only · ends Jul 2051$99,073
Assumption + second · ends Jul 2051, second Dec 2056$338,739
New conventional · ends Dec 2056$571,796