Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,634/mo
Lowest payment- Down payment
- $89,029
- Funds due
- $103,354
- Interest + MI left
- $195,400
- First ends
- Sep 2051
Assumption
Assumption + second
$2,900/mo
+$266/mo- Down payment
- $56,029
- Funds due
- $71,653
- Interest + MI left
- $257,989
- First ends
- Sep 2051
New loan
New conventional
$3,906/mo
+$1,271/mo- Down payment
- $56,029
- Funds due
- $67,011
- Interest + MI left
- $736,889
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $470,971 | $470,971 | $503,971 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,243.68 | $2,243.68 | $3,414.08 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | — | — | $100.79 |
| Taxes, insurance & HOA | $390.67 | $390.67 | $390.67 |
| Total housing payment | $2,634.34 | $2,899.87 | $3,905.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,029
Closing costs & prepaids$15,624
Usable credit−$0
Total buyer cash needed$71,653
Earnest money paid−$0
Remaining funds due$71,653
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,354.86
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)$672.00
Prepaid interest, first (6 days)$230.71
Prepaid interest, second (6 days)$48.82
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 9 moOf the original 30-year loan at 2.98%
Interest already paid$78,783Through Dec 2026
Assumption only · ends Sep 2051$195,400
Assumption + second · ends Sep 2051, second Jan 2057$257,989
New conventional · ends Jan 2057$736,889