Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,391/mo
Lowest payment- Down payment
- $140,440
- Funds due
- $150,987
- Interest + MI left
- $101,032
- First ends
- Sep 2051
Assumption
Assumption + second
$2,139/mo
+$748/mo- Down payment
- $38,440
- Funds due
- $50,282
- Interest + MI left
- $268,470
- First ends
- Sep 2051
New loan
New conventional
$2,679/mo
+$1,288/mo- Down payment
- $38,440
- Funds due
- $46,712
- Interest + MI left
- $517,172
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,060 | $239,060 | $341,060 |
| Second mortgage | — | $102,000 | — |
| First P&I | $1,141.25 | $1,141.25 | $2,361.43 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | — | — | $68.21 |
| Taxes, insurance & HOA | $249.50 | $249.50 | $249.50 |
| Total housing payment | $1,390.75 | $2,139.19 | $2,679.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,440
Closing costs & prepaids$11,841
Usable credit−$0
Total buyer cash needed$50,282
Earnest money paid−$0
Remaining funds due$50,282
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,795.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,195.30
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)$298.50
Prepaid interest, first (2 days)$39.56
Prepaid interest, second (2 days)$44.71
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$101,032
Assumption + second · ends Sep 2051, second Dec 2056$268,470
New conventional · ends Dec 2056$517,172