Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,545/mo
Lowest payment- Down payment
- $109,404
- Funds due
- $123,530
- Interest + MI left
- $168,897
- First ends
- Aug 2051
Assumption
Assumption + second
$3,004/mo
+$459/mo- Down payment
- $52,404
- Funds due
- $67,850
- Interest + MI left
- $277,005
- First ends
- Aug 2051
New loan
New conventional
$3,831/mo
+$1,285/mo- Down payment
- $52,404
- Funds due
- $63,473
- Interest + MI left
- $676,299
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $405,596 | $405,596 | $462,596 |
| Second mortgage | — | $57,000 | — |
| First P&I | $1,940.85 | $1,940.85 | $3,133.79 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | — | — | $92.52 |
| Taxes, insurance & HOA | $604.42 | $604.42 | $604.42 |
| Total housing payment | $2,545.27 | $3,003.91 | $3,830.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,404
Closing costs & prepaids$15,446
Usable credit−$0
Total buyer cash needed$67,850
Earnest money paid−$0
Remaining funds due$67,850
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,027.98
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)$1,313.25
Prepaid interest, first (5 days)$166.68
Prepaid interest, second (5 days)$70.27
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 8 moOf the original 30-year loan at 3%
Interest already paid$69,461Through Dec 2026
Assumption only · ends Aug 2051$168,897
Assumption + second · ends Aug 2051, second Jan 2057$277,005
New conventional · ends Jan 2057$676,299