Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,622/mo
Lowest payment- Down payment
- $189,340
- Funds due
- $201,078
- Interest + MI left
- $98,480
- First ends
- Jul 2051
Assumption
Assumption + second
$2,701/mo
+$1,079/mo- Down payment
- $42,340
- Funds due
- $55,489
- Interest + MI left
- $339,788
- First ends
- Jul 2051
New loan
New conventional
$3,140/mo
+$1,518/mo- Down payment
- $42,340
- Funds due
- $51,983
- Interest + MI left
- $552,055
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $230,560 | $230,560 | $377,560 |
| Second mortgage | — | $147,000 | — |
| First P&I | $1,115.39 | $1,115.39 | $2,557.72 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | — | — | $75.51 |
| Taxes, insurance & HOA | $506.92 | $506.92 | $506.92 |
| Total housing payment | $1,622.31 | $2,700.94 | $3,140.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,340
Closing costs & prepaids$13,149
Usable credit−$0
Total buyer cash needed$55,489
Earnest money paid−$0
Remaining funds due$55,489
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,152.80
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)$1,070.75
Prepaid interest, first (5 days)$97.28
Prepaid interest, second (5 days)$161.10
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 7 moOf the original 30-year loan at 3.08%
Interest already paid$41,190Through Dec 2026
Assumption only · ends Jul 2051$98,480
Assumption + second · ends Jul 2051, second Jan 2057$339,788
New conventional · ends Jan 2057$552,055