Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,475/mo
Lowest payment- Down payment
- $95,696
- Funds due
- $112,561
- Interest + MI left
- $246,959
- First ends
- Aug 2051
Assumption
Assumption + second
$3,676/mo
+$201/mo- Down payment
- $70,696
- Funds due
- $88,817
- Interest + MI left
- $294,375
- First ends
- Aug 2051
New loan
New conventional
$5,092/mo
+$1,616/mo- Down payment
- $70,696
- Funds due
- $83,119
- Interest + MI left
- $954,104
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $604,204 | $604,204 | $629,204 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,865.87 | $2,865.87 | $4,356.48 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | — | — | $125.84 |
| Taxes, insurance & HOA | $609.33 | $609.33 | $609.33 |
| Total housing payment | $3,475.20 | $3,676.36 | $5,091.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,696
Closing costs & prepaids$18,121
Usable credit−$0
Total buyer cash needed$88,817
Earnest money paid−$0
Remaining funds due$88,817
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,021.02
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)$1,328.00
Prepaid interest, first (1 days)$48.67
Prepaid interest, second (1 days)$6.16
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 2.940%
Interest already paid$99,753Through Nov 2026
Assumption only · ends Aug 2051$246,959
Assumption + second · ends Aug 2051, second Dec 2056$294,375
New conventional · ends Dec 2056$954,104