Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,161/mo
Lowest payment- Down payment
- $169,160
- Funds due
- $185,712
- Interest + MI left
- $182,916
- First ends
- Aug 2051
Assumption
Assumption + second
$3,946/mo
+$785/mo- Down payment
- $62,160
- Funds due
- $80,008
- Interest + MI left
- $358,562
- First ends
- Aug 2051
New loan
New conventional
$4,982/mo
+$1,821/mo- Down payment
- $62,160
- Funds due
- $75,220
- Interest + MI left
- $838,308
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $445,840 | $445,840 | $552,840 |
| Second mortgage | — | $107,000 | — |
| First P&I | $2,117.02 | $2,117.02 | $3,827.75 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | — | — | $110.57 |
| Taxes, insurance & HOA | $1,044.17 | $1,044.17 | $1,044.17 |
| Total housing payment | $3,161.19 | $3,946.32 | $4,982.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,160
Closing costs & prepaids$17,849
Usable credit−$0
Total buyer cash needed$80,008
Earnest money paid−$0
Remaining funds due$80,008
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,229.20
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)$2,632.50
Prepaid interest, first (2 days)$72.07
Prepaid interest, second (2 days)$46.90
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$73,851Through Nov 2026
Assumption only · ends Aug 2051$182,916
Assumption + second · ends Aug 2051, second Dec 2056$358,562
New conventional · ends Dec 2056$838,308