Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,115/mo
Lowest payment- Down payment
- $75,242
- Funds due
- $87,557
- Interest + MI left
- $155,483
- First ends
- Sep 2051
Assumption
Assumption + second
$2,357/mo
+$241/mo- Down payment
- $45,242
- Funds due
- $58,851
- Interest + MI left
- $212,382
- First ends
- Sep 2051
New loan
New conventional
$3,153/mo
+$1,038/mo- Down payment
- $45,242
- Funds due
- $54,732
- Interest + MI left
- $591,823
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $374,758 | $374,758 | $404,758 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,785.32 | $1,785.32 | $2,741.97 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | — | — | $80.95 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $2,115.32 | $2,356.71 | $3,152.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,242
Closing costs & prepaids$13,610
Usable credit−$0
Total buyer cash needed$58,851
Earnest money paid−$0
Remaining funds due$58,851
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%)$1,873.79
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)$183.58
Prepaid interest, second (6 days)$44.38
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 9 moOf the original 30-year loan at 2.98%
Interest already paid$62,689Through Dec 2026
Assumption only · ends Sep 2051$155,483
Assumption + second · ends Sep 2051, second Jan 2057$212,382
New conventional · ends Jan 2057$591,823