Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,692/mo
Lowest payment- Down payment
- $172,261
- Funds due
- $184,243
- Interest + MI left
- $126,689
- First ends
- Jul 2051
Assumption
Assumption + second
$2,609/mo
+$917/mo- Down payment
- $47,261
- Funds due
- $60,547
- Interest + MI left
- $331,883
- First ends
- Jul 2051
New loan
New conventional
$3,269/mo
+$1,577/mo- Down payment
- $47,261
- Funds due
- $56,610
- Interest + MI left
- $640,960
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,639 | $297,639 | $422,639 |
| Second mortgage | — | $125,000 | — |
| First P&I | $1,433.54 | $1,433.54 | $2,926.27 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | — | — | $84.53 |
| Taxes, insurance & HOA | $258.67 | $258.67 | $258.67 |
| Total housing payment | $1,692.21 | $2,609.41 | $3,269.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,261
Closing costs & prepaids$13,286
Usable credit−$0
Total buyer cash needed$60,547
Earnest money paid−$0
Remaining funds due$60,547
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,488.19
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)$276.00
Prepaid interest, first (2 days)$49.91
Prepaid interest, second (2 days)$54.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.060%
Interest already paid$51,960Through Nov 2026
Assumption only · ends Jul 2051$126,689
Assumption + second · ends Jul 2051, second Dec 2056$331,883
New conventional · ends Dec 2056$640,960