Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,027/mo
Lowest payment- Down payment
- $135,639
- Funds due
- $148,195
- Interest + MI left
- $119,044
- First ends
- Feb 2051
Assumption
Assumption + second
$2,751/mo
+$724/mo- Down payment
- $45,639
- Funds due
- $59,556
- Interest + MI left
- $289,742
- First ends
- Feb 2051
New loan
New conventional
$3,352/mo
+$1,325/mo- Down payment
- $45,639
- Funds due
- $55,651
- Interest + MI left
- $591,096
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,261 | $314,261 | $404,261 |
| Second mortgage | — | $90,000 | — |
| First P&I | $1,494.16 | $1,494.16 | $2,738.60 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | — | — | $80.85 |
| Taxes, insurance & HOA | $532.42 | $532.42 | $532.42 |
| Total housing payment | $2,026.57 | $2,750.73 | $3,351.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,639
Closing costs & prepaids$13,917
Usable credit−$0
Total buyer cash needed$59,556
Earnest money paid−$0
Remaining funds due$59,556
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,571.31
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)$1,147.25
Prepaid interest, first (5 days)$120.97
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 2 moOf the original 30-year loan at 2.81%
Interest already paid$55,687Through Dec 2026
Assumption only · ends Feb 2051$119,044
Assumption + second · ends Feb 2051, second Jan 2057$289,742
New conventional · ends Jan 2057$591,096