Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,656/mo
Lowest payment- Down payment
- $91,905
- Funds due
- $102,881
- Interest + MI left
- $112,713
- First ends
- Dec 2051
Assumption
Assumption + second
$2,091/mo
+$434/mo- Down payment
- $37,905
- Funds due
- $50,157
- Interest + MI left
- $215,131
- First ends
- Dec 2051
New loan
New conventional
$2,723/mo
+$1,067/mo- Down payment
- $37,905
- Funds due
- $46,409
- Interest + MI left
- $503,411
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $277,985 | $277,985 | $331,985 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,298.00 | $1,298.00 | $2,298.60 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | — | — | $66.40 |
| Taxes, insurance & HOA | $358.17 | $358.17 | $358.17 |
| Total housing payment | $1,656.16 | $2,090.66 | $2,723.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,905
Closing costs & prepaids$12,252
Usable credit−$0
Total buyer cash needed$50,157
Earnest money paid−$0
Remaining funds due$50,157
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,698.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,389.92
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)$624.50
Prepaid interest, first (2 days)$43.87
Prepaid interest, second (2 days)$26.63
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 1 moOf the original 30-year loan at 2.880%
Interest already paid$41,916Through Nov 2026
Assumption only · ends Dec 2051$112,713
Assumption + second · ends Dec 2051, second Dec 2056$215,131
New conventional · ends Dec 2056$503,411