Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,475/mo
Lowest payment- Down payment
- $157,944
- Funds due
- $168,920
- Interest + MI left
- $109,086
- First ends
- Aug 2051
Assumption
Assumption + second
$2,319/mo
+$844/mo- Down payment
- $42,944
- Funds due
- $55,195
- Interest + MI left
- $297,864
- First ends
- Aug 2051
New loan
New conventional
$2,911/mo
+$1,436/mo- Down payment
- $42,944
- Funds due
- $51,443
- Interest + MI left
- $571,604
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,956 | $261,956 | $376,956 |
| Second mortgage | — | $115,000 | — |
| First P&I | $1,249.30 | $1,249.30 | $2,609.97 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | — | — | $75.39 |
| Taxes, insurance & HOA | $226.00 | $226.00 | $226.00 |
| Total housing payment | $1,475.30 | $2,319.13 | $2,911.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,944
Closing costs & prepaids$12,251
Usable credit−$0
Total buyer cash needed$55,195
Earnest money paid−$0
Remaining funds due$55,195
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,199.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,309.78
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)$228.00
Prepaid interest, first (1 days)$21.46
Prepaid interest, second (1 days)$25.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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$43,962Through Nov 2026
Assumption only · ends Aug 2051$109,086
Assumption + second · ends Aug 2051, second Dec 2056$297,864
New conventional · ends Dec 2056$571,604