Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,980/mo
Lowest payment- Down payment
- $149,985
- Funds due
- $162,722
- Interest + MI left
- $132,878
- First ends
- Jan 2051
Assumption
Assumption + second
$2,721/mo
+$741/mo- Down payment
- $48,985
- Funds due
- $63,105
- Interest + MI left
- $298,675
- First ends
- Jan 2051
New loan
New conventional
$3,402/mo
+$1,422/mo- Down payment
- $48,985
- Funds due
- $59,117
- Interest + MI left
- $637,526
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $335,015 | $335,015 | $436,015 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,619.01 | $1,619.01 | $2,953.72 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | — | — | $87.20 |
| Taxes, insurance & HOA | $360.67 | $360.67 | $360.67 |
| Total housing payment | $1,979.67 | $2,720.78 | $3,401.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,985
Closing costs & prepaids$14,120
Usable credit−$0
Total buyer cash needed$63,105
Earnest money paid−$0
Remaining funds due$63,105
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,675.08
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)$582.00
Prepaid interest, first (6 days)$161.91
Prepaid interest, second (6 days)$132.82
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 1 moOf the original 30-year loan at 2.94%
Interest already paid$62,990Through Dec 2026
Assumption only · ends Jan 2051$132,878
Assumption + second · ends Jan 2051, second Jan 2057$298,675
New conventional · ends Jan 2057$637,526