Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,101/mo
Lowest payment- Down payment
- $88,486
- Funds due
- $101,125
- Interest + MI left
- $142,099
- First ends
- May 2051
Assumption
Assumption + second
$2,439/mo
+$338/mo- Down payment
- $46,486
- Funds due
- $60,437
- Interest + MI left
- $221,758
- First ends
- May 2051
New loan
New conventional
$3,230/mo
+$1,129/mo- Down payment
- $46,486
- Funds due
- $56,329
- Interest + MI left
- $603,749
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $370,914 | $370,914 | $412,914 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,750.90 | $1,750.90 | $2,797.22 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | — | — | $82.58 |
| Taxes, insurance & HOA | $350.42 | $350.42 | $350.42 |
| Total housing payment | $2,101.32 | $2,439.26 | $3,230.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,486
Closing costs & prepaids$13,951
Usable credit−$0
Total buyer cash needed$60,437
Earnest money paid−$0
Remaining funds due$60,437
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,594.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,854.57
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)$551.25
Prepaid interest, first (6 days)$171.33
Prepaid interest, second (6 days)$62.14
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 5 moOf the original 30-year loan at 2.81%
Interest already paid$62,657Through Dec 2026
Assumption only · ends May 2051$142,099
Assumption + second · ends May 2051, second Jan 2057$221,758
New conventional · ends Jan 2057$603,749