Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,843/mo
Lowest payment- Down payment
- $181,456
- Funds due
- $194,028
- Interest + MI left
- $131,179
- First ends
- Aug 2051
Assumption
Assumption + second
$2,804/mo
+$961/mo- Down payment
- $50,456
- Funds due
- $64,307
- Interest + MI left
- $346,222
- First ends
- Aug 2051
New loan
New conventional
$3,531/mo
+$1,688/mo- Down payment
- $50,456
- Funds due
- $60,203
- Interest + MI left
- $681,762
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $318,543 | $318,543 | $449,543 |
| Second mortgage | — | $131,000 | — |
| First P&I | $1,514.21 | $1,514.21 | $3,112.54 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | — | — | $89.91 |
| Taxes, insurance & HOA | $328.50 | $328.50 | $328.50 |
| Total housing payment | $1,842.71 | $2,803.95 | $3,530.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,456
Closing costs & prepaids$13,851
Usable credit−$0
Total buyer cash needed$64,307
Earnest money paid−$0
Remaining funds due$64,307
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%)$1,592.71
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)$485.50
Prepaid interest, first (1 days)$25.83
Prepaid interest, second (1 days)$28.71
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$52,938Through Nov 2026
Assumption only · ends Aug 2051$131,179
Assumption + second · ends Aug 2051, second Dec 2056$346,222
New conventional · ends Dec 2056$681,762