Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,400/mo
Lowest payment- Down payment
- $182,710
- Funds due
- $201,229
- Interest + MI left
- $244,558
- First ends
- Nov 2051
Assumption
Assumption + second
$4,156/mo
+$756/mo- Down payment
- $79,710
- Funds due
- $99,637
- Interest + MI left
- $413,638
- First ends
- Nov 2051
New loan
New conventional
$5,523/mo
+$2,123/mo- Down payment
- $79,710
- Funds due
- $94,227
- Interest + MI left
- $1,045,871
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $612,289 | $612,289 | $715,289 |
| Second mortgage | — | $103,000 | — |
| First P&I | $2,865.71 | $2,865.71 | $4,845.62 |
| Second P&I | — | $755.78 | — |
| Mortgage insurance | — | — | $143.06 |
| Taxes, insurance & HOA | $534.67 | $534.67 | $534.67 |
| Total housing payment | $3,400.38 | $4,156.15 | $5,523.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,710
Closing costs & prepaids$19,927
Usable credit−$0
Total buyer cash needed$99,637
Earnest money paid−$0
Remaining funds due$99,637
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,949.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,061.45
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)$954.00
Prepaid interest, first (7 days)$335.84
Prepaid interest, second (7 days)$158.03
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 11 moOf the original 30-year loan at 2.86%
Interest already paid$95,050Through Dec 2026
Assumption only · ends Nov 2051$244,558
Assumption + second · ends Nov 2051, second Jan 2057$413,638
New conventional · ends Jan 2057$1,045,871