Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,360/mo
Lowest payment- Down payment
- $168,997
- Funds due
- $183,177
- Interest + MI left
- $133,889
- First ends
- Mar 2051
Assumption
Assumption + second
$3,204/mo
+$844/mo- Down payment
- $53,997
- Funds due
- $69,502
- Interest + MI left
- $322,667
- First ends
- Mar 2051
New loan
New conventional
$3,991/mo
+$1,631/mo- Down payment
- $53,997
- Funds due
- $65,192
- Interest + MI left
- $702,199
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $370,903 | $370,903 | $485,903 |
| Second mortgage | — | $115,000 | — |
| First P&I | $1,734.68 | $1,734.68 | $3,268.70 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | — | — | $97.18 |
| Taxes, insurance & HOA | $625.58 | $625.58 | $625.58 |
| Total housing payment | $2,360.26 | $3,204.09 | $3,991.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,997
Closing costs & prepaids$15,506
Usable credit−$0
Total buyer cash needed$69,502
Earnest money paid−$0
Remaining funds due$69,502
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,854.52
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)$1,376.75
Prepaid interest, first (3 days)$81.70
Prepaid interest, second (3 days)$75.62
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 3 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 3 moOf the original 30-year loan at 2.68%
Interest already paid$61,796Through Dec 2026
Assumption only · ends Mar 2051$133,889
Assumption + second · ends Mar 2051, second Jan 2057$322,667
New conventional · ends Jan 2057$702,199