Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,970/mo
Lowest payment- Down payment
- $124,985
- Funds due
- $137,442
- Interest + MI left
- $132,878
- First ends
- Jan 2051
Assumption
Assumption + second
$2,597/mo
+$628/mo- Down payment
- $46,985
- Funds due
- $60,807
- Interest + MI left
- $280,816
- First ends
- Jan 2051
New loan
New conventional
$3,231/mo
+$1,262/mo- Down payment
- $46,985
- Funds due
- $56,830
- Interest + MI left
- $603,814
- 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 | $413,015 |
| Second mortgage | — | $78,000 | — |
| First P&I | $1,619.01 | $1,619.01 | $2,797.91 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | — | — | $82.60 |
| Taxes, insurance & HOA | $350.67 | $350.67 | $350.67 |
| Total housing payment | $1,969.67 | $2,597.28 | $3,231.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,985
Closing costs & prepaids$13,822
Usable credit−$0
Total buyer cash needed$60,807
Earnest money paid−$0
Remaining funds due$60,807
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,600.00
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)$552.00
Prepaid interest, first (6 days)$161.91
Prepaid interest, second (6 days)$115.40
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$280,816
New conventional · ends Jan 2057$603,814