Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,879/mo
Lowest payment- Down payment
- $161,801
- Funds due
- $174,356
- Interest + MI left
- $143,447
- First ends
- Feb 2052
Assumption
Assumption + second
$2,694/mo
+$814/mo- Down payment
- $50,801
- Funds due
- $64,630
- Interest + MI left
- $325,660
- First ends
- Feb 2052
New loan
New conventional
$3,489/mo
+$1,610/mo- Down payment
- $50,801
- Funds due
- $60,428
- Interest + MI left
- $681,149
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $338,198 | $338,198 | $449,198 |
| Second mortgage | — | $111,000 | — |
| First P&I | $1,589.59 | $1,589.59 | $3,110.16 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | — | — | $89.84 |
| Taxes, insurance & HOA | $289.50 | $289.50 | $289.50 |
| Total housing payment | $1,879.09 | $2,693.57 | $3,489.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,801
Closing costs & prepaids$13,829
Usable credit−$0
Total buyer cash needed$64,630
Earnest money paid−$0
Remaining funds due$64,630
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,690.99
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)$368.50
Prepaid interest, first (1 days)$27.61
Prepaid interest, second (1 days)$24.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing25 yr 3 moOf the original 30-year loan at 2.980%
Interest already paid$50,805Through Nov 2026
Assumption only · ends Feb 2052$143,447
Assumption + second · ends Feb 2052, second Dec 2056$325,660
New conventional · ends Dec 2056$681,149