Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,445/mo
Lowest payment- Down payment
- $186,306
- Funds due
- $204,776
- Interest + MI left
- $246,020
- First ends
- Nov 2051
Assumption
Assumption + second
$4,222/mo
+$778/mo- Down payment
- $80,306
- Funds due
- $100,072
- Interest + MI left
- $420,025
- First ends
- Nov 2051
New loan
New conventional
$5,706/mo
+$2,261/mo- Down payment
- $80,306
- Funds due
- $94,307
- Interest + MI left
- $1,091,463
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $613,693 | $613,693 | $719,693 |
| Second mortgage | — | $106,000 | — |
| First P&I | $2,865.71 | $2,865.71 | $4,983.01 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | — | — | $143.94 |
| Taxes, insurance & HOA | $578.92 | $578.92 | $578.92 |
| Total housing payment | $3,444.63 | $4,222.42 | $5,705.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,306
Closing costs & prepaids$19,766
Usable credit−$0
Total buyer cash needed$100,072
Earnest money paid−$0
Remaining funds due$100,072
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,068.46
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)$1,086.75
Prepaid interest, first (2 days)$96.17
Prepaid interest, second (2 days)$46.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2.860%
Interest already paid$93,587Through Nov 2026
Assumption only · ends Nov 2051$246,020
Assumption + second · ends Nov 2051, second Dec 2056$420,025
New conventional · ends Dec 2056$1,091,463