Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,705/mo
Lowest payment- Down payment
- $171,276
- Funds due
- $183,089
- Interest + MI left
- $103,518
- First ends
- Jun 2051
Assumption
Assumption + second
$2,651/mo
+$947/mo- Down payment
- $42,276
- Funds due
- $55,452
- Interest + MI left
- $315,278
- First ends
- Jun 2051
New loan
New conventional
$3,123/mo
+$1,418/mo- Down payment
- $42,276
- Funds due
- $51,842
- Interest + MI left
- $545,645
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $248,624 | $248,624 | $377,624 |
| Second mortgage | — | $129,000 | — |
| First P&I | $1,197.76 | $1,197.76 | $2,540.30 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | — | — | $75.52 |
| Taxes, insurance & HOA | $506.92 | $506.92 | $506.92 |
| Total housing payment | $1,704.68 | $2,651.24 | $3,122.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,276
Closing costs & prepaids$13,176
Usable credit−$0
Total buyer cash needed$55,452
Earnest money paid−$0
Remaining funds due$55,452
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%)$1,243.12
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 (4 days)$82.28
Prepaid interest, second (4 days)$113.10
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 6 moOf the original 30-year loan at 3.02%
Interest already paid$44,306Through Dec 2026
Assumption only · ends Jun 2051$103,518
Assumption + second · ends Jun 2051, second Jan 2057$315,278
New conventional · ends Jan 2057$545,645