Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,564/mo
Lowest payment- Down payment
- $127,119
- Funds due
- $137,999
- Interest + MI left
- $114,832
- First ends
- Jun 2051
Assumption
Assumption + second
$2,264/mo
+$700/mo- Down payment
- $40,119
- Funds due
- $52,270
- Interest + MI left
- $279,840
- First ends
- Jun 2051
New loan
New conventional
$2,795/mo
+$1,231/mo- Down payment
- $40,119
- Funds due
- $48,515
- Interest + MI left
- $538,130
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $267,881 | $267,881 | $354,881 |
| Second mortgage | — | $87,000 | — |
| First P&I | $1,297.33 | $1,297.33 | $2,457.12 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | — | — | $70.98 |
| Taxes, insurance & HOA | $266.58 | $266.58 | $266.58 |
| Total housing payment | $1,563.92 | $2,263.94 | $2,794.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,119
Closing costs & prepaids$12,151
Usable credit−$0
Total buyer cash needed$52,270
Earnest money paid−$0
Remaining funds due$52,270
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,339.40
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)$349.75
Prepaid interest, first (1 days)$22.68
Prepaid interest, second (1 days)$21.45
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 7 moOf the original 30-year loan at 3.090%
Interest already paid$48,007Through Nov 2026
Assumption only · ends Jun 2051$114,832
Assumption + second · ends Jun 2051, second Dec 2056$279,840
New conventional · ends Dec 2056$538,130