Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,845/mo
Lowest payment- Down payment
- $114,587
- Funds due
- $126,279
- Interest + MI left
- $118,854
- First ends
- Aug 2051
Assumption
Assumption + second
$2,440/mo
+$595/mo- Down payment
- $40,587
- Funds due
- $53,565
- Interest + MI left
- $259,205
- First ends
- Aug 2051
New loan
New conventional
$3,044/mo
+$1,199/mo- Down payment
- $40,587
- Funds due
- $49,752
- Interest + MI left
- $545,002
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $285,413 | $285,413 | $359,413 |
| Second mortgage | — | $74,000 | — |
| First P&I | $1,361.17 | $1,361.17 | $2,488.50 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | — | — | $71.88 |
| Taxes, insurance & HOA | $483.33 | $483.33 | $483.33 |
| Total housing payment | $1,844.50 | $2,439.92 | $3,043.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,587
Closing costs & prepaids$12,978
Usable credit−$0
Total buyer cash needed$53,565
Earnest money paid−$0
Remaining funds due$53,565
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,427.07
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)$1,000.00
Prepaid interest, first (2 days)$46.76
Prepaid interest, second (2 days)$36.49
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 closing24 yr 9 moOf the original 30-year loan at 2.990%
Interest already paid$47,899Through Nov 2026
Assumption only · ends Aug 2051$118,854
Assumption + second · ends Aug 2051, second Dec 2056$259,205
New conventional · ends Dec 2056$545,002