Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,776/mo
Lowest payment- Down payment
- $191,852
- Funds due
- $204,113
- Interest + MI left
- $107,442
- First ends
- Jun 2051
Assumption
Assumption + second
$2,847/mo
+$1,071/mo- Down payment
- $45,852
- Funds due
- $59,523
- Interest + MI left
- $347,108
- First ends
- Jun 2051
New loan
New conventional
$3,350/mo
+$1,575/mo- Down payment
- $45,852
- Funds due
- $55,862
- Interest + MI left
- $590,704
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,048 | $258,048 | $404,048 |
| Second mortgage | — | $146,000 | — |
| First P&I | $1,243.16 | $1,243.16 | $2,737.16 |
| Second P&I | — | $1,071.30 | — |
| Mortgage insurance | — | — | $80.81 |
| Taxes, insurance & HOA | $532.42 | $532.42 | $532.42 |
| Total housing payment | $1,775.58 | $2,846.88 | $3,350.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,852
Closing costs & prepaids$13,671
Usable credit−$0
Total buyer cash needed$59,523
Earnest money paid−$0
Remaining funds due$59,523
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%)$1,290.24
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)$1,147.25
Prepaid interest, first (5 days)$106.75
Prepaid interest, second (5 days)$160.00
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 3.02%
Interest already paid$45,985Through Dec 2026
Assumption only · ends Jun 2051$107,442
Assumption + second · ends Jun 2051, second Jan 2057$347,108
New conventional · ends Jan 2057$590,704