Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,767/mo
Lowest payment- Down payment
- $155,394
- Funds due
- $167,746
- Interest + MI left
- $117,487
- First ends
- Oct 2051
Assumption
Assumption + second
$2,567/mo
+$800/mo- Down payment
- $46,394
- Funds due
- $60,211
- Interest + MI left
- $296,416
- First ends
- Oct 2051
New loan
New conventional
$3,235/mo
+$1,468/mo- Down payment
- $46,394
- Funds due
- $56,489
- Interest + MI left
- $604,760
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,606 | $304,606 | $413,606 |
| Second mortgage | — | $109,000 | — |
| First P&I | $1,416.42 | $1,416.42 | $2,801.91 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | — | — | $82.72 |
| Taxes, insurance & HOA | $350.67 | $350.67 | $350.67 |
| Total housing payment | $1,767.09 | $2,566.89 | $3,235.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,394
Closing costs & prepaids$13,817
Usable credit−$0
Total buyer cash needed$60,211
Earnest money paid−$0
Remaining funds due$60,211
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,523.03
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)$552.00
Prepaid interest, first (9 days)$208.80
Prepaid interest, second (9 days)$215.01
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 10 moOf the original 30-year loan at 2.78%
Interest already paid$46,814Through Dec 2026
Assumption only · ends Oct 2051$117,487
Assumption + second · ends Oct 2051, second Jan 2057$296,416
New conventional · ends Jan 2057$604,760