Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,846/mo
Lowest payment- Down payment
- $129,995
- Funds due
- $142,088
- Interest + MI left
- $134,746
- First ends
- Dec 2051
Assumption
Assumption + second
$2,522/mo
+$676/mo- Down payment
- $45,995
- Funds due
- $59,525
- Interest + MI left
- $294,063
- First ends
- Dec 2051
New loan
New conventional
$3,148/mo
+$1,302/mo- Down payment
- $45,995
- Funds due
- $55,715
- Interest + MI left
- $590,640
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,004 | $320,004 | $404,004 |
| Second mortgage | — | $84,000 | — |
| First P&I | $1,515.83 | $1,515.83 | $2,736.86 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | — | — | $80.80 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $1,845.83 | $2,521.72 | $3,147.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,995
Closing costs & prepaids$13,530
Usable credit−$0
Total buyer cash needed$59,525
Earnest money paid−$0
Remaining funds due$59,525
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,600.02
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)$540.00
Prepaid interest, first (9 days)$235.93
Prepaid interest, second (9 days)$186.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 closing25 yrOf the original 30-year loan at 2.99%
Interest already paid$50,955Through Dec 2026
Assumption only · ends Dec 2051$134,746
Assumption + second · ends Dec 2051, second Jan 2057$294,063
New conventional · ends Jan 2057$590,640