Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,815/mo
Lowest payment- Down payment
- $99,412
- Funds due
- $110,974
- Interest + MI left
- $117,310
- First ends
- Mar 2051
Assumption
Assumption + second
$2,265/mo
+$451/mo- Down payment
- $43,412
- Funds due
- $56,237
- Interest + MI left
- $223,521
- First ends
- Mar 2051
New loan
New conventional
$3,015/mo
+$1,200/mo- Down payment
- $43,412
- Funds due
- $52,175
- Interest + MI left
- $577,869
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $325,088 | $325,088 | $381,088 |
| Second mortgage | — | $56,000 | — |
| First P&I | $1,515.06 | $1,515.06 | $2,638.58 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | — | — | $76.22 |
| Taxes, insurance & HOA | $299.83 | $299.83 | $299.83 |
| Total housing payment | $1,814.89 | $2,265.48 | $3,014.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,412
Closing costs & prepaids$12,826
Usable credit−$0
Total buyer cash needed$56,237
Earnest money paid−$0
Remaining funds due$56,237
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,245.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,625.44
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)$449.50
Prepaid interest, first (1 days)$23.78
Prepaid interest, second (1 days)$13.81
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 4 moOf the original 30-year loan at 2.670%
Interest already paid$53,112Through Nov 2026
Assumption only · ends Mar 2051$117,310
Assumption + second · ends Mar 2051, second Dec 2056$223,521
New conventional · ends Dec 2056$577,869