Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,705/mo
Lowest payment- Down payment
- $108,941
- Funds due
- $123,660
- Interest + MI left
- $200,321
- First ends
- Aug 2051
Assumption
Assumption + second
$3,099/mo
+$394/mo- Down payment
- $59,941
- Funds due
- $75,982
- Interest + MI left
- $293,256
- First ends
- Aug 2051
New loan
New conventional
$4,099/mo
+$1,395/mo- Down payment
- $59,941
- Funds due
- $71,250
- Interest + MI left
- $774,928
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $481,059 | $481,059 | $530,059 |
| Second mortgage | — | $49,000 | — |
| First P&I | $2,301.96 | $2,301.96 | $3,590.80 |
| Second P&I | — | $394.27 | — |
| Mortgage insurance | — | — | $106.01 |
| Taxes, insurance & HOA | $402.67 | $402.67 | $402.67 |
| Total housing payment | $2,704.62 | $3,098.89 | $4,099.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,941
Closing costs & prepaids$16,041
Usable credit−$0
Total buyer cash needed$75,982
Earnest money paid−$0
Remaining funds due$75,982
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,405.29
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)$708.00
Prepaid interest, first (6 days)$237.23
Prepaid interest, second (6 days)$72.49
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 8 moOf the original 30-year loan at 3%
Interest already paid$82,384Through Dec 2026
Assumption only · ends Aug 2051$200,321
Assumption + second · ends Aug 2051, second Jan 2057$293,256
New conventional · ends Jan 2057$774,928