Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,497/mo
Lowest payment- Down payment
- $155,950
- Funds due
- $166,952
- Interest + MI left
- $90,727
- First ends
- Jul 2051
Assumption
Assumption + second
$2,363/mo
+$866/mo- Down payment
- $37,950
- Funds due
- $50,306
- Interest + MI left
- $284,430
- First ends
- Jul 2051
New loan
New conventional
$2,764/mo
+$1,267/mo- Down payment
- $37,950
- Funds due
- $46,896
- Interest + MI left
- $479,582
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,950 | $213,950 | $331,950 |
| Second mortgage | — | $118,000 | — |
| First P&I | $1,032.80 | $1,032.80 | $2,233.05 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | — | — | $66.39 |
| Taxes, insurance & HOA | $464.42 | $464.42 | $464.42 |
| Total housing payment | $1,497.22 | $2,363.06 | $2,763.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,950
Closing costs & prepaids$12,355
Usable credit−$0
Total buyer cash needed$50,306
Earnest money paid−$0
Remaining funds due$50,306
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,069.75
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)$943.25
Prepaid interest, first (4 days)$71.75
Prepaid interest, second (4 days)$103.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 3.06%
Interest already paid$37,982Through Dec 2026
Assumption only · ends Jul 2051$90,727
Assumption + second · ends Jul 2051, second Jan 2057$284,430
New conventional · ends Jan 2057$479,582