Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,703/mo
Lowest payment- Down payment
- $187,668
- Funds due
- $202,604
- Interest + MI left
- $177,106
- First ends
- Apr 2051
Assumption
Assumption + second
$3,672/mo
+$969/mo- Down payment
- $55,668
- Funds due
- $71,912
- Interest + MI left
- $393,791
- First ends
- Apr 2051
New loan
New conventional
$4,384/mo
+$1,680/mo- Down payment
- $55,668
- Funds due
- $67,574
- Interest + MI left
- $749,589
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,332 | $362,332 | $494,332 |
| Second mortgage | — | $132,000 | — |
| First P&I | $1,841.08 | $1,841.08 | $3,422.65 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | — | — | $98.87 |
| Taxes, insurance & HOA | $862.25 | $862.25 | $862.25 |
| Total housing payment | $2,703.33 | $3,671.90 | $4,383.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,668
Closing costs & prepaids$16,244
Usable credit−$0
Total buyer cash needed$71,912
Earnest money paid−$0
Remaining funds due$71,912
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,811.66
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)$2,086.75
Prepaid interest, first (2 days)$69.49
Prepaid interest, second (2 days)$57.86
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 closing24 yr 5 moOf the original 30-year loan at 3.500%
Interest already paid$75,684Through Nov 2026
Assumption only · ends Apr 2051$177,106
Assumption + second · ends Apr 2051, second Dec 2056$393,791
New conventional · ends Dec 2056$749,589