Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,286/mo
Lowest payment- Down payment
- $142,444
- Funds due
- $155,978
- Interest + MI left
- $158,406
- First ends
- Feb 2052
Assumption
Assumption + second
$3,026/mo
+$740/mo- Down payment
- $50,444
- Funds due
- $65,251
- Interest + MI left
- $332,897
- First ends
- Feb 2052
New loan
New conventional
$3,785/mo
+$1,499/mo- Down payment
- $50,444
- Funds due
- $60,954
- Interest + MI left
- $681,630
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $357,456 | $357,456 | $449,456 |
| Second mortgage | — | $92,000 | — |
| First P&I | $1,702.51 | $1,702.51 | $3,111.94 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | — | — | $89.89 |
| Taxes, insurance & HOA | $583.25 | $583.25 | $583.25 |
| Total housing payment | $2,285.76 | $3,026.02 | $3,785.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,444
Closing costs & prepaids$14,807
Usable credit−$0
Total buyer cash needed$65,251
Earnest money paid−$0
Remaining funds due$65,251
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,787.28
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)$1,249.75
Prepaid interest, first (1 days)$30.36
Prepaid interest, second (1 days)$22.68
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 closing25 yr 3 moOf the original 30-year loan at 3.100%
Interest already paid$55,800Through Nov 2026
Assumption only · ends Feb 2052$158,406
Assumption + second · ends Feb 2052, second Dec 2056$332,897
New conventional · ends Dec 2056$681,630