Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,935/mo
Lowest payment- Down payment
- $174,042
- Funds due
- $186,934
- Interest + MI left
- $117,263
- First ends
- Mar 2051
Assumption
Assumption + second
$2,845/mo
+$910/mo- Down payment
- $50,042
- Funds due
- $64,239
- Interest + MI left
- $320,815
- First ends
- Mar 2051
New loan
New conventional
$3,619/mo
+$1,684/mo- Down payment
- $50,042
- Funds due
- $60,151
- Interest + MI left
- $680,875
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $324,958 | $324,958 | $448,958 |
| Second mortgage | — | $124,000 | — |
| First P&I | $1,514.45 | $1,514.45 | $3,108.49 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | — | — | $89.79 |
| Taxes, insurance & HOA | $420.75 | $420.75 | $420.75 |
| Total housing payment | $1,935.20 | $2,845.07 | $3,619.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,042
Closing costs & prepaids$14,197
Usable credit−$0
Total buyer cash needed$64,239
Earnest money paid−$0
Remaining funds due$64,239
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,624.79
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)$762.25
Prepaid interest, first (2 days)$47.54
Prepaid interest, second (2 days)$54.36
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 4 moOf the original 30-year loan at 2.670%
Interest already paid$53,091Through Nov 2026
Assumption only · ends Mar 2051$117,263
Assumption + second · ends Mar 2051, second Dec 2056$320,815
New conventional · ends Dec 2056$680,875