Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,324/mo
Lowest payment- Down payment
- $149,291
- Funds due
- $163,099
- Interest + MI left
- $143,775
- First ends
- Jan 2052
Assumption
Assumption + second
$3,120/mo
+$797/mo- Down payment
- $50,291
- Funds due
- $65,373
- Interest + MI left
- $331,542
- First ends
- Jan 2052
New loan
New conventional
$3,890/mo
+$1,566/mo- Down payment
- $50,291
- Funds due
- $61,113
- Interest + MI left
- $681,862
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $350,609 | $350,609 | $449,609 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,637.03 | $1,637.03 | $3,113.00 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | — | — | $89.92 |
| Taxes, insurance & HOA | $686.67 | $686.67 | $686.67 |
| Total housing payment | $2,323.70 | $3,120.28 | $3,889.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,291
Closing costs & prepaids$15,082
Usable credit−$0
Total buyer cash needed$65,373
Earnest money paid−$0
Remaining funds due$65,373
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,753.05
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)$1,560.00
Prepaid interest, first (1 days)$27.86
Prepaid interest, second (1 days)$24.41
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 2 moOf the original 30-year loan at 2.900%
Interest already paid$52,257Through Nov 2026
Assumption only · ends Jan 2052$143,775
Assumption + second · ends Jan 2052, second Dec 2056$331,542
New conventional · ends Dec 2056$681,862