Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,887/mo
Lowest payment- Down payment
- $100,791
- Funds due
- $116,128
- Interest + MI left
- $209,440
- First ends
- Sep 2051
Assumption
Assumption + second
$3,193/mo
+$306/mo- Down payment
- $62,791
- Funds due
- $79,434
- Interest + MI left
- $281,513
- First ends
- Sep 2051
New loan
New conventional
$4,338/mo
+$1,451/mo- Down payment
- $62,791
- Funds due
- $74,502
- Interest + MI left
- $822,043
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $524,209 | $524,209 | $562,209 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,470.20 | $2,470.20 | $3,808.60 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | — | — | $112.44 |
| Taxes, insurance & HOA | $416.67 | $416.67 | $416.67 |
| Total housing payment | $2,886.87 | $3,192.62 | $4,337.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,791
Closing costs & prepaids$16,643
Usable credit−$0
Total buyer cash needed$79,434
Earnest money paid−$0
Remaining funds due$79,434
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,621.05
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$750.00
Prepaid interest, first (6 days)$248.17
Prepaid interest, second (6 days)$56.22
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 9 moOf the original 30-year loan at 2.88%
Interest already paid$84,832Through Dec 2026
Assumption only · ends Sep 2051$209,440
Assumption + second · ends Sep 2051, second Jan 2057$281,513
New conventional · ends Jan 2057$822,043