Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,015/mo
Lowest payment- Down payment
- $111,898
- Funds due
- $124,060
- Interest + MI left
- $135,320
- First ends
- Jun 2051
Assumption
Assumption + second
$2,570/mo
+$555/mo- Down payment
- $42,898
- Funds due
- $56,395
- Interest + MI left
- $266,188
- First ends
- Jun 2051
New loan
New conventional
$3,136/mo
+$1,121/mo- Down payment
- $42,898
- Funds due
- $52,535
- Interest + MI left
- $551,164
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,002 | $308,002 | $377,002 |
| Second mortgage | — | $69,000 | — |
| First P&I | $1,507.90 | $1,507.90 | $2,553.94 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | — | — | $75.40 |
| Taxes, insurance & HOA | $506.92 | $506.92 | $506.92 |
| Total housing payment | $2,014.81 | $2,570.00 | $3,136.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,898
Closing costs & prepaids$13,497
Usable credit−$0
Total buyer cash needed$56,395
Earnest money paid−$0
Remaining funds due$56,395
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%)$1,540.01
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 (5 days)$133.75
Prepaid interest, second (5 days)$85.07
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 6 moOf the original 30-year loan at 3.17%
Interest already paid$57,523Through Dec 2026
Assumption only · ends Jun 2051$135,320
Assumption + second · ends Jun 2051, second Jan 2057$266,188
New conventional · ends Jan 2057$551,164