Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,371/mo
Lowest payment- Down payment
- $161,114
- Funds due
- $171,808
- Interest + MI left
- $107,308
- First ends
- Sep 2051
Assumption
Assumption + second
$2,244/mo
+$873/mo- Down payment
- $42,114
- Funds due
- $54,084
- Interest + MI left
- $302,653
- First ends
- Sep 2051
New loan
New conventional
$2,822/mo
+$1,451/mo- Down payment
- $42,114
- Funds due
- $50,370
- Interest + MI left
- $568,313
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,786 | $255,786 | $374,786 |
| Second mortgage | — | $119,000 | — |
| First P&I | $1,218.44 | $1,218.44 | $2,594.94 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | — | — | $74.96 |
| Taxes, insurance & HOA | $152.33 | $152.33 | $152.33 |
| Total housing payment | $1,370.77 | $2,243.95 | $2,822.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,114
Closing costs & prepaids$11,970
Usable credit−$0
Total buyer cash needed$54,084
Earnest money paid−$0
Remaining funds due$54,084
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,169.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,278.93
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)$7.00
Prepaid interest, first (1 days)$21.02
Prepaid interest, second (1 days)$26.08
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 closing24 yr 10 moOf the original 30-year loan at 3.000%
Interest already paid$42,329Through Nov 2026
Assumption only · ends Sep 2051$107,308
Assumption + second · ends Sep 2051, second Dec 2056$302,653
New conventional · ends Dec 2056$568,313