Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,345/mo
Lowest payment- Down payment
- $154,178
- Funds due
- $168,197
- Interest + MI left
- $133,312
- First ends
- Mar 2051
Assumption
Assumption + second
$3,086/mo
+$741/mo- Down payment
- $53,178
- Funds due
- $68,536
- Interest + MI left
- $299,109
- First ends
- Mar 2051
New loan
New conventional
$3,881/mo
+$1,536/mo- Down payment
- $53,178
- Funds due
- $64,278
- Interest + MI left
- $681,756
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $370,822 | $370,822 | $471,822 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,732.42 | $1,732.42 | $3,173.98 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | — | — | $94.36 |
| Taxes, insurance & HOA | $612.92 | $612.92 | $612.92 |
| Total housing payment | $2,345.34 | $3,086.44 | $3,881.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,178
Closing costs & prepaids$15,358
Usable credit−$0
Total buyer cash needed$68,536
Earnest money paid−$0
Remaining funds due$68,536
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,854.11
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)$1,338.75
Prepaid interest, first (4 days)$108.50
Prepaid interest, second (4 days)$88.55
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 3 moOf the original 30-year loan at 2.67%
Interest already paid$61,559Through Dec 2026
Assumption only · ends Mar 2051$133,312
Assumption + second · ends Mar 2051, second Jan 2057$299,109
New conventional · ends Jan 2057$681,756