Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,775/mo
Lowest payment- Down payment
- $167,652
- Funds due
- $179,766
- Interest + MI left
- $99,250
- First ends
- Apr 2051
Assumption
Assumption + second
$2,685/mo
+$910/mo- Down payment
- $43,652
- Funds due
- $57,152
- Interest + MI left
- $302,803
- First ends
- Apr 2051
New loan
New conventional
$3,249/mo
+$1,474/mo- Down payment
- $43,652
- Funds due
- $53,485
- Interest + MI left
- $572,216
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $267,348 | $267,348 | $391,348 |
| Second mortgage | — | $124,000 | — |
| First P&I | $1,255.47 | $1,255.47 | $2,651.13 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | — | — | $78.27 |
| Taxes, insurance & HOA | $519.75 | $519.75 | $519.75 |
| Total housing payment | $1,775.22 | $2,685.09 | $3,249.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,652
Closing costs & prepaids$13,500
Usable credit−$0
Total buyer cash needed$57,152
Earnest money paid−$0
Remaining funds due$57,152
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,336.74
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)$1,109.25
Prepaid interest, first (5 days)$100.35
Prepaid interest, second (5 days)$135.89
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 4 moOf the original 30-year loan at 2.74%
Interest already paid$44,789Through Dec 2026
Assumption only · ends Apr 2051$99,250
Assumption + second · ends Apr 2051, second Jan 2057$302,803
New conventional · ends Jan 2057$572,216