Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,772/mo
Lowest payment- Down payment
- $127,851
- Funds due
- $139,481
- Interest + MI left
- $116,187
- First ends
- Sep 2051
Assumption
Assumption + second
$2,464/mo
+$692/mo- Down payment
- $41,851
- Funds due
- $54,773
- Interest + MI left
- $279,299
- First ends
- Sep 2051
New loan
New conventional
$3,058/mo
+$1,286/mo- Down payment
- $41,851
- Funds due
- $50,962
- Interest + MI left
- $558,249
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,149 | $282,149 | $368,149 |
| Second mortgage | — | $86,000 | — |
| First P&I | $1,336.70 | $1,336.70 | $2,548.99 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | — | — | $73.63 |
| Taxes, insurance & HOA | $435.00 | $435.00 | $435.00 |
| Total housing payment | $1,771.70 | $2,463.67 | $3,057.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,851
Closing costs & prepaids$12,922
Usable credit−$0
Total buyer cash needed$54,773
Earnest money paid−$0
Remaining funds due$54,773
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,100.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,410.74
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)$855.00
Prepaid interest, first (2 days)$45.61
Prepaid interest, second (2 days)$42.41
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 10 moOf the original 30-year loan at 2.950%
Interest already paid$45,936Through Nov 2026
Assumption only · ends Sep 2051$116,187
Assumption + second · ends Sep 2051, second Dec 2056$279,299
New conventional · ends Dec 2056$558,249