Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,317/mo
Lowest payment- Down payment
- $161,639
- Funds due
- $172,280
- Interest + MI left
- $87,538
- First ends
- Aug 2051
Assumption
Assumption + second
$2,226/mo
+$910/mo- Down payment
- $37,639
- Funds due
- $49,774
- Interest + MI left
- $291,090
- First ends
- Aug 2051
New loan
New conventional
$2,653/mo
+$1,336/mo- Down payment
- $37,639
- Funds due
- $46,485
- Interest + MI left
- $493,278
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,361 | $213,361 | $337,361 |
| Second mortgage | — | $124,000 | — |
| First P&I | $1,016.55 | $1,016.55 | $2,285.40 |
| Second P&I | — | $909.87 | — |
| Mortgage insurance | — | — | $67.47 |
| Taxes, insurance & HOA | $300.00 | $300.00 | $300.00 |
| Total housing payment | $1,316.55 | $2,226.42 | $2,652.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,639
Closing costs & prepaids$12,135
Usable credit−$0
Total buyer cash needed$49,774
Earnest money paid−$0
Remaining funds due$49,774
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,066.80
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)$450.00
Prepaid interest, first (9 days)$155.72
Prepaid interest, second (9 days)$244.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 2.96%
Interest already paid$36,067Through Dec 2026
Assumption only · ends Aug 2051$87,538
Assumption + second · ends Aug 2051, second Jan 2057$291,090
New conventional · ends Jan 2057$493,278