Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,961/mo
Lowest payment- Down payment
- $100,656
- Funds due
- $112,824
- Interest + MI left
- $138,458
- First ends
- Nov 2051
Assumption
Assumption + second
$2,404/mo
+$443/mo- Down payment
- $45,656
- Funds due
- $59,155
- Interest + MI left
- $242,773
- First ends
- Nov 2051
New loan
New conventional
$3,150/mo
+$1,189/mo- Down payment
- $45,656
- Funds due
- $55,142
- Interest + MI left
- $591,218
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $349,344 | $349,344 | $404,344 |
| Second mortgage | — | $55,000 | — |
| First P&I | $1,631.44 | $1,631.44 | $2,739.17 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | — | — | $80.87 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $1,961.44 | $2,403.99 | $3,150.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,656
Closing costs & prepaids$13,499
Usable credit−$0
Total buyer cash needed$59,155
Earnest money paid−$0
Remaining funds due$59,155
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,746.72
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)$540.00
Prepaid interest, first (6 days)$163.09
Prepaid interest, second (6 days)$81.37
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 11 moOf the original 30-year loan at 2.84%
Interest already paid$53,862Through Dec 2026
Assumption only · ends Nov 2051$138,458
Assumption + second · ends Nov 2051, second Jan 2057$242,773
New conventional · ends Jan 2057$591,218