Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,325/mo
Lowest payment- Down payment
- $161,370
- Funds due
- $172,082
- Interest + MI left
- $78,921
- First ends
- Mar 2051
Assumption
Assumption + second
$2,227/mo
+$903/mo- Down payment
- $38,370
- Funds due
- $50,575
- Interest + MI left
- $280,832
- First ends
- Mar 2051
New loan
New conventional
$2,685/mo
+$1,360/mo- Down payment
- $38,370
- Funds due
- $47,272
- Interest + MI left
- $499,520
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,630 | $218,630 | $341,630 |
| Second mortgage | — | $123,000 | — |
| First P&I | $1,022.51 | $1,022.51 | $2,314.32 |
| Second P&I | — | $902.53 | — |
| Mortgage insurance | — | — | $68.33 |
| Taxes, insurance & HOA | $302.00 | $302.00 | $302.00 |
| Total housing payment | $1,324.51 | $2,227.04 | $2,684.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,370
Closing costs & prepaids$12,204
Usable credit−$0
Total buyer cash needed$50,575
Earnest money paid−$0
Remaining funds due$50,575
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,093.15
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)$456.00
Prepaid interest, first (9 days)$144.48
Prepaid interest, second (9 days)$242.63
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 3 moOf the original 30-year loan at 2.68%
Interest already paid$36,426Through Dec 2026
Assumption only · ends Mar 2051$78,921
Assumption + second · ends Mar 2051, second Jan 2057$280,832
New conventional · ends Jan 2057$499,520