Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,290/mo
Lowest payment- Down payment
- $186,218
- Funds due
- $207,325
- Interest + MI left
- $275,059
- First ends
- Aug 2051
Assumption
Assumption + second
$5,031/mo
+$741/mo- Down payment
- $85,218
- Funds due
- $107,730
- Interest + MI left
- $440,856
- First ends
- Aug 2051
New loan
New conventional
$6,441/mo
+$2,151/mo- Down payment
- $85,218
- Funds due
- $102,045
- Interest + MI left
- $1,113,851
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $660,782 | $660,782 | $761,782 |
| Second mortgage | — | $101,000 | — |
| First P&I | $3,161.63 | $3,161.63 | $5,160.58 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | — | — | $152.36 |
| Taxes, insurance & HOA | $1,128.50 | $1,128.50 | $1,128.50 |
| Total housing payment | $4,290.13 | $5,031.23 | $6,441.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,218
Closing costs & prepaids$22,512
Usable credit−$0
Total buyer cash needed$107,730
Earnest money paid−$0
Remaining funds due$107,730
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,470.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,303.91
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,016.50
Initial HOA (3 months)$1,719.00
Prepaid interest, first (7 days)$380.05
Prepaid interest, second (7 days)$154.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 8 moOf the original 30-year loan at 2.999%
Interest already paid$113,126Through Dec 2026
Assumption only · ends Aug 2051$275,059
Assumption + second · ends Aug 2051, second Jan 2057$440,856
New conventional · ends Jan 2057$1,113,851