Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,991/mo
Lowest payment- Down payment
- $104,983
- Funds due
- $117,120
- Interest + MI left
- $142,698
- First ends
- May 2051
Assumption
Assumption + second
$2,474/mo
+$483/mo- Down payment
- $44,983
- Funds due
- $58,459
- Interest + MI left
- $256,497
- First ends
- May 2051
New loan
New conventional
$3,147/mo
+$1,157/mo- Down payment
- $44,983
- Funds due
- $54,464
- Interest + MI left
- $590,740
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $344,017 | $344,017 | $404,017 |
| Second mortgage | — | $60,000 | — |
| First P&I | $1,661.15 | $1,661.15 | $2,736.95 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | — | — | $80.80 |
| Taxes, insurance & HOA | $329.58 | $329.58 | $329.58 |
| Total housing payment | $1,990.73 | $2,473.50 | $3,147.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,983
Closing costs & prepaids$13,476
Usable credit−$0
Total buyer cash needed$58,459
Earnest money paid−$0
Remaining funds due$58,459
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,720.09
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$538.75
Prepaid interest, first (6 days)$170.78
Prepaid interest, second (6 days)$88.77
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 3.02%
Interest already paid$62,314Through Dec 2026
Assumption only · ends May 2051$142,698
Assumption + second · ends May 2051, second Jan 2057$256,497
New conventional · ends Jan 2057$590,740