Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,998/mo
Lowest payment- Down payment
- $99,670
- Funds due
- $111,850
- Interest + MI left
- $145,306
- First ends
- Sep 2051
Assumption
Assumption + second
$2,433/mo
+$434/mo- Down payment
- $45,670
- Funds due
- $59,180
- Interest + MI left
- $247,725
- First ends
- Sep 2051
New loan
New conventional
$3,149/mo
+$1,151/mo- Down payment
- $45,670
- Funds due
- $55,154
- Interest + MI left
- $590,970
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $350,230 | $350,230 | $404,230 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,668.47 | $1,668.47 | $2,738.39 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | — | — | $80.85 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $1,998.47 | $2,432.97 | $3,149.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,670
Closing costs & prepaids$13,510
Usable credit−$0
Total buyer cash needed$59,180
Earnest money paid−$0
Remaining funds due$59,180
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,751.15
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)$171.56
Prepaid interest, second (6 days)$79.89
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$58,586Through Dec 2026
Assumption only · ends Sep 2051$145,306
Assumption + second · ends Sep 2051, second Jan 2057$247,725
New conventional · ends Jan 2057$590,970