Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,669/mo
Lowest payment- Down payment
- $149,186
- Funds due
- $160,686
- Interest + MI left
- $116,565
- First ends
- Sep 2051
Assumption
Assumption + second
$2,447/mo
+$778/mo- Down payment
- $43,186
- Funds due
- $55,982
- Interest + MI left
- $290,570
- First ends
- Sep 2051
New loan
New conventional
$3,073/mo
+$1,403/mo- Down payment
- $43,186
- Funds due
- $52,192
- Interest + MI left
- $578,970
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $275,814 | $275,814 | $381,814 |
| Second mortgage | — | $106,000 | — |
| First P&I | $1,316.71 | $1,316.71 | $2,643.60 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | — | — | $76.36 |
| Taxes, insurance & HOA | $352.58 | $352.58 | $352.58 |
| Total housing payment | $1,669.29 | $2,447.08 | $3,072.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,186
Closing costs & prepaids$12,797
Usable credit−$0
Total buyer cash needed$55,982
Earnest money paid−$0
Remaining funds due$55,982
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,379.07
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)$607.75
Prepaid interest, first (2 days)$45.64
Prepaid interest, second (2 days)$46.47
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 10 moOf the original 30-year loan at 3.020%
Interest already paid$45,938Through Nov 2026
Assumption only · ends Sep 2051$116,565
Assumption + second · ends Sep 2051, second Dec 2056$290,570
New conventional · ends Dec 2056$578,970