Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,319/mo
Lowest payment- Down payment
- $124,516
- Funds due
- $138,102
- Interest + MI left
- $142,629
- First ends
- Jan 2052
Assumption
Assumption + second
$2,939/mo
+$620/mo- Down payment
- $47,516
- Funds due
- $62,390
- Interest + MI left
- $288,670
- First ends
- Jan 2052
New loan
New conventional
$3,732/mo
+$1,412/mo- Down payment
- $47,516
- Funds due
- $58,199
- Interest + MI left
- $648,308
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $350,484 | $350,484 | $427,484 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,632.82 | $1,632.82 | $2,959.81 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | — | — | $85.50 |
| Taxes, insurance & HOA | $686.67 | $686.67 | $686.67 |
| Total housing payment | $2,319.49 | $2,939.05 | $3,731.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,516
Closing costs & prepaids$14,874
Usable credit−$0
Total buyer cash needed$62,390
Earnest money paid−$0
Remaining funds due$62,390
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,752.42
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)$1,560.00
Prepaid interest, first (2 days)$55.31
Prepaid interest, second (2 days)$37.97
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 closing25 yr 2 moOf the original 30-year loan at 2.880%
Interest already paid$51,888Through Nov 2026
Assumption only · ends Jan 2052$142,629
Assumption + second · ends Jan 2052, second Dec 2056$288,670
New conventional · ends Dec 2056$648,308