Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,785/mo
Lowest payment- Down payment
- $100,979
- Funds due
- $112,389
- Interest + MI left
- $121,877
- First ends
- Mar 2052
Assumption
Assumption + second
$2,284/mo
+$499/mo- Down payment
- $38,979
- Funds due
- $51,669
- Interest + MI left
- $239,469
- First ends
- Mar 2052
New loan
New conventional
$2,896/mo
+$1,111/mo- Down payment
- $38,979
- Funds due
- $47,902
- Interest + MI left
- $517,112
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $279,020 | $279,020 | $341,020 |
| Second mortgage | — | $62,000 | — |
| First P&I | $1,318.74 | $1,318.74 | $2,361.15 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | — | — | $68.20 |
| Taxes, insurance & HOA | $466.67 | $466.67 | $466.67 |
| Total housing payment | $1,785.41 | $2,284.27 | $2,896.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,979
Closing costs & prepaids$12,690
Usable credit−$0
Total buyer cash needed$51,669
Earnest money paid−$0
Remaining funds due$51,669
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,799.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,395.10
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)$950.00
Prepaid interest, first (2 days)$46.63
Prepaid interest, second (2 days)$30.58
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 4 moOf the original 30-year loan at 3.050%
Interest already paid$42,069Through Nov 2026
Assumption only · ends Mar 2052$121,877
Assumption + second · ends Mar 2052, second Dec 2056$239,469
New conventional · ends Dec 2056$517,112