Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,879/mo
Lowest payment- Down payment
- $181,702
- Funds due
- $194,484
- Interest + MI left
- $143,447
- First ends
- Feb 2052
Assumption
Assumption + second
$2,826/mo
+$947/mo- Down payment
- $52,702
- Funds due
- $66,790
- Interest + MI left
- $355,208
- First ends
- Feb 2052
New loan
New conventional
$3,618/mo
+$1,739/mo- Down payment
- $52,702
- Funds due
- $62,607
- Interest + MI left
- $708,444
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $338,198 | $338,198 | $467,198 |
| Second mortgage | — | $129,000 | — |
| First P&I | $1,589.59 | $1,589.59 | $3,234.78 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | — | — | $93.44 |
| Taxes, insurance & HOA | $289.50 | $289.50 | $289.50 |
| Total housing payment | $1,879.09 | $2,825.65 | $3,617.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,702
Closing costs & prepaids$14,088
Usable credit−$0
Total buyer cash needed$66,790
Earnest money paid−$0
Remaining funds due$66,790
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,690.99
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)$368.50
Prepaid interest, first (2 days)$55.22
Prepaid interest, second (2 days)$56.55
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 closing25 yr 3 moOf the original 30-year loan at 2.980%
Interest already paid$50,805Through Nov 2026
Assumption only · ends Feb 2052$143,447
Assumption + second · ends Feb 2052, second Dec 2056$355,208
New conventional · ends Dec 2056$708,444