Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,091/mo
Lowest payment- Down payment
- $97,963
- Funds due
- $110,497
- Interest + MI left
- $162,657
- First ends
- Feb 2052
Assumption
Assumption + second
$2,502/mo
+$410/mo- Down payment
- $46,963
- Funds due
- $60,760
- Interest + MI left
- $259,385
- First ends
- Feb 2052
New loan
New conventional
$3,336/mo
+$1,245/mo- Down payment
- $46,963
- Funds due
- $56,434
- Interest + MI left
- $640,048
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $371,037 | $371,037 | $422,037 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,761.36 | $1,761.36 | $2,922.10 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | — | — | $84.41 |
| Taxes, insurance & HOA | $329.92 | $329.92 | $329.92 |
| Total housing payment | $2,091.28 | $2,501.64 | $3,336.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,963
Closing costs & prepaids$13,797
Usable credit−$0
Total buyer cash needed$60,760
Earnest money paid−$0
Remaining funds due$60,760
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,690.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,855.18
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)$489.75
Prepaid interest, first (1 days)$31.21
Prepaid interest, second (1 days)$12.58
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 3 moOf the original 30-year loan at 3.070%
Interest already paid$57,374Through Nov 2026
Assumption only · ends Feb 2052$162,657
Assumption + second · ends Feb 2052, second Dec 2056$259,385
New conventional · ends Dec 2056$640,048