Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,146/mo
Lowest payment- Down payment
- $98,873
- Funds due
- $111,385
- Interest + MI left
- $146,178
- First ends
- Sep 2051
Assumption
Assumption + second
$2,572/mo
+$426/mo- Down payment
- $45,873
- Funds due
- $59,661
- Interest + MI left
- $246,700
- First ends
- Sep 2051
New loan
New conventional
$3,356/mo
+$1,210/mo- Down payment
- $45,873
- Funds due
- $55,484
- Interest + MI left
- $612,653
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,027 | $351,027 | $404,027 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,668.47 | $1,668.47 | $2,797.40 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | — | — | $80.81 |
| Taxes, insurance & HOA | $477.42 | $477.42 | $477.42 |
| Total housing payment | $2,145.89 | $2,572.34 | $3,355.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,873
Closing costs & prepaids$13,788
Usable credit−$0
Total buyer cash needed$59,661
Earnest money paid−$0
Remaining funds due$59,661
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,755.13
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)$982.25
Prepaid interest, first (2 days)$57.32
Prepaid interest, second (2 days)$26.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 10 moOf the original 30-year loan at 2.980%
Interest already paid$57,714Through Nov 2026
Assumption only · ends Sep 2051$146,178
Assumption + second · ends Sep 2051, second Dec 2056$246,700
New conventional · ends Dec 2056$612,653