Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,628/mo
Lowest payment- Down payment
- $105,623
- Funds due
- $116,599
- Interest + MI left
- $115,953
- First ends
- Feb 2052
Assumption
Assumption + second
$2,167/mo
+$539/mo- Down payment
- $38,623
- Funds due
- $50,865
- Interest + MI left
- $243,028
- First ends
- Feb 2052
New loan
New conventional
$2,768/mo
+$1,140/mo- Down payment
- $38,623
- Funds due
- $47,099
- Interest + MI left
- $516,137
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $273,377 | $273,377 | $340,377 |
| Second mortgage | — | $67,000 | — |
| First P&I | $1,284.92 | $1,284.92 | $2,356.70 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | — | — | $68.08 |
| Taxes, insurance & HOA | $342.83 | $342.83 | $342.83 |
| Total housing payment | $1,627.75 | $2,166.85 | $2,767.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,623
Closing costs & prepaids$12,242
Usable credit−$0
Total buyer cash needed$50,865
Earnest money paid−$0
Remaining funds due$50,865
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,366.88
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)$578.50
Prepaid interest, first (1 days)$22.32
Prepaid interest, second (1 days)$16.52
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 2.980%
Interest already paid$41,067Through Nov 2026
Assumption only · ends Feb 2052$115,953
Assumption + second · ends Feb 2052, second Dec 2056$243,028
New conventional · ends Dec 2056$516,137