Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,515/mo
Lowest payment- Down payment
- $145,357
- Funds due
- $159,903
- Interest + MI left
- $156,033
- First ends
- Oct 2051
Assumption
Assumption + second
$3,239/mo
+$724/mo- Down payment
- $55,357
- Funds due
- $71,264
- Interest + MI left
- $326,731
- First ends
- Oct 2051
New loan
New conventional
$4,083/mo
+$1,568/mo- Down payment
- $55,357
- Funds due
- $66,866
- Interest + MI left
- $723,104
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $404,543 | $404,543 | $494,543 |
| Second mortgage | — | $90,000 | — |
| First P&I | $1,881.13 | $1,881.13 | $3,350.21 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | — | — | $98.91 |
| Taxes, insurance & HOA | $634.08 | $634.08 | $634.08 |
| Total housing payment | $2,515.21 | $3,239.37 | $4,083.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,357
Closing costs & prepaids$15,907
Usable credit−$0
Total buyer cash needed$71,264
Earnest money paid−$0
Remaining funds due$71,264
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,022.72
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)$1,402.25
Prepaid interest, first (5 days)$154.06
Prepaid interest, second (5 days)$110.96
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 10 moOf the original 30-year loan at 2.78%
Interest already paid$62,173Through Dec 2026
Assumption only · ends Oct 2051$156,033
Assumption + second · ends Oct 2051, second Jan 2057$326,731
New conventional · ends Jan 2057$723,104