Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,085/mo
Lowest payment- Down payment
- $59,471
- Funds due
- $71,639
- Interest + MI left
- $161,840
- First ends
- Feb 2052
Assumption
Assumption + second
$2,462/mo
+$377/mo- Down payment
- $22,471
- Funds due
- $35,997
- Interest + MI left
- $260,571
- First ends
- Feb 2052
New loan
New conventional
$3,164/mo
+$1,079/mo- Down payment
- $22,471
- Funds due
- $32,209
- Interest + MI left
- $597,994
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $370,529 | $370,529 | $407,529 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,762.81 | $1,762.81 | $2,760.74 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | — | — | $81.51 |
| Taxes, insurance & HOA | $322.00 | $322.00 | $322.00 |
| Total housing payment | $2,084.81 | $2,461.84 | $3,164.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,471
Closing costs & prepaids$13,525
Usable credit−$0
Total buyer cash needed$35,997
Earnest money paid−$0
Remaining funds due$35,997
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,852.64
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)$516.00
Prepaid interest, first (9 days)$280.49
Prepaid interest, second (9 days)$108.34
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 closing25 yr 2 moOf the original 30-year loan at 3.07%
Interest already paid$58,372Through Dec 2026
Assumption only · ends Feb 2052$161,840
Assumption + second · ends Feb 2052, second Jan 2057$260,571
New conventional · ends Jan 2057$597,994