Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,080/mo
Lowest payment- Down payment
- $104,456
- Funds due
- $116,779
- Interest + MI left
- $121,253
- First ends
- Aug 2051
Assumption
Assumption + second
$2,595/mo
+$515/mo- Down payment
- $40,456
- Funds due
- $54,061
- Interest + MI left
- $242,638
- First ends
- Aug 2051
New loan
New conventional
$3,238/mo
+$1,158/mo- Down payment
- $40,456
- Funds due
- $50,202
- Interest + MI left
- $545,201
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $295,544 | $295,544 | $359,544 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,403.36 | $1,403.36 | $2,489.41 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | — | — | $71.91 |
| Taxes, insurance & HOA | $676.50 | $676.50 | $676.50 |
| Total housing payment | $2,079.86 | $2,594.81 | $3,237.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,456
Closing costs & prepaids$13,605
Usable credit−$0
Total buyer cash needed$54,061
Earnest money paid−$0
Remaining funds due$54,061
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%)$1,477.72
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)$1,579.50
Prepaid interest, first (2 days)$47.77
Prepaid interest, second (2 days)$31.56
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 2.950%
Interest already paid$48,955Through Nov 2026
Assumption only · ends Aug 2051$121,253
Assumption + second · ends Aug 2051, second Dec 2056$242,638
New conventional · ends Dec 2056$545,201