Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,043/mo
Lowest payment- Down payment
- $116,349
- Funds due
- $128,974
- Interest + MI left
- $148,362
- First ends
- Jun 2051
Assumption
Assumption + second
$2,598/mo
+$555/mo- Down payment
- $47,349
- Funds due
- $61,343
- Interest + MI left
- $279,230
- First ends
- Jun 2051
New loan
New conventional
$3,266/mo
+$1,222/mo- Down payment
- $47,349
- Funds due
- $57,334
- Interest + MI left
- $610,591
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $348,651 | $348,651 | $417,651 |
| Second mortgage | — | $69,000 | — |
| First P&I | $1,690.52 | $1,690.52 | $2,829.31 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | — | — | $83.53 |
| Taxes, insurance & HOA | $352.67 | $352.67 | $352.67 |
| Total housing payment | $2,043.19 | $2,598.38 | $3,265.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,349
Closing costs & prepaids$13,994
Usable credit−$0
Total buyer cash needed$61,343
Earnest money paid−$0
Remaining funds due$61,343
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,743.25
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)$558.00
Prepaid interest, first (7 days)$205.94
Prepaid interest, second (7 days)$119.10
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6 moOf the original 30-year loan at 3.08%
Interest already paid$63,325Through Dec 2026
Assumption only · ends Jun 2051$148,362
Assumption + second · ends Jun 2051, second Jan 2057$279,230
New conventional · ends Jan 2057$610,591