Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,403/mo
Lowest payment- Down payment
- $110,941
- Funds due
- $121,228
- Interest + MI left
- $101,031
- First ends
- Sep 2051
Assumption
Assumption + second
$2,006/mo
+$603/mo- Down payment
- $35,941
- Funds due
- $47,515
- Interest + MI left
- $243,279
- First ends
- Sep 2051
New loan
New conventional
$2,499/mo
+$1,096/mo- Down payment
- $35,941
- Funds due
- $43,968
- Interest + MI left
- $476,166
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,059 | $239,059 | $314,059 |
| Second mortgage | — | $75,000 | — |
| First P&I | $1,141.24 | $1,141.24 | $2,174.48 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | — | — | $62.81 |
| Taxes, insurance & HOA | $261.42 | $261.42 | $261.42 |
| Total housing payment | $1,402.66 | $2,006.12 | $2,498.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,941
Closing costs & prepaids$11,574
Usable credit−$0
Total buyer cash needed$47,515
Earnest money paid−$0
Remaining funds due$47,515
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,195.29
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)$334.25
Prepaid interest, first (2 days)$39.56
Prepaid interest, second (2 days)$36.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3.020%
Interest already paid$39,817Through Nov 2026
Assumption only · ends Sep 2051$101,031
Assumption + second · ends Sep 2051, second Dec 2056$243,279
New conventional · ends Dec 2056$476,166