Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,395/mo
Lowest payment- Down payment
- $112,137
- Funds due
- $122,463
- Interest + MI left
- $111,916
- First ends
- Dec 2051
Assumption
Assumption + second
$1,991/mo
+$595/mo- Down payment
- $38,137
- Funds due
- $49,749
- Interest + MI left
- $252,267
- First ends
- Dec 2051
New loan
New conventional
$2,550/mo
+$1,155/mo- Down payment
- $38,137
- Funds due
- $46,067
- Interest + MI left
- $510,808
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $262,863 | $262,863 | $336,863 |
| Second mortgage | — | $74,000 | — |
| First P&I | $1,245.11 | $1,245.11 | $2,332.37 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | — | — | $67.37 |
| Taxes, insurance & HOA | $150.00 | $150.00 | $150.00 |
| Total housing payment | $1,395.11 | $1,990.53 | $2,549.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,137
Closing costs & prepaids$11,612
Usable credit−$0
Total buyer cash needed$49,749
Earnest money paid−$0
Remaining funds due$49,749
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,314.31
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Prepaid interest, first (2 days)$43.35
Prepaid interest, second (2 days)$36.49
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 1 moOf the original 30-year loan at 3.010%
Interest already paid$41,375Through Nov 2026
Assumption only · ends Dec 2051$111,916
Assumption + second · ends Dec 2051, second Dec 2056$252,267
New conventional · ends Dec 2056$510,808