Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,026/mo
Lowest payment- Down payment
- $53,266
- Funds due
- $64,947
- Interest + MI left
- $152,465
- First ends
- Aug 2051
Assumption
Assumption + second
$2,352/mo
+$326/mo- Down payment
- $21,266
- Funds due
- $34,208
- Interest + MI left
- $237,854
- First ends
- Aug 2051
New loan
New conventional
$3,131/mo
+$1,105/mo- Down payment
- $21,266
- Funds due
- $30,142
- Interest + MI left
- $612,185
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $370,233 | $370,233 | $402,233 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,759.93 | $1,759.93 | $2,784.98 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | — | — | $80.45 |
| Taxes, insurance & HOA | $265.75 | $265.75 | $265.75 |
| Total housing payment | $2,025.68 | $2,351.76 | $3,131.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,266
Closing costs & prepaids$12,942
Usable credit−$0
Total buyer cash needed$34,208
Earnest money paid−$0
Remaining funds due$34,208
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,234.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,851.17
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)$347.25
Prepaid interest, first (1 days)$30.02
Prepaid interest, second (1 days)$10.41
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 closing24 yr 9 moOf the original 30-year loan at 2.960%
Interest already paid$61,528Through Nov 2026
Assumption only · ends Aug 2051$152,465
Assumption + second · ends Aug 2051, second Dec 2056$237,854
New conventional · ends Dec 2056$612,185