Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,593/mo
Lowest payment- Down payment
- $94,750
- Funds due
- $108,825
- Interest + MI left
- $175,004
- First ends
- Sep 2051
Assumption
Assumption + second
$2,939/mo
+$346/mo- Down payment
- $51,750
- Funds due
- $67,096
- Interest + MI left
- $256,560
- First ends
- Sep 2051
New loan
New conventional
$3,896/mo
+$1,303/mo- Down payment
- $51,750
- Funds due
- $62,533
- Interest + MI left
- $702,550
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $420,250 | $420,250 | $463,250 |
| Second mortgage | — | $43,000 | — |
| First P&I | $1,997.50 | $1,997.50 | $3,207.45 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | — | — | $92.65 |
| Taxes, insurance & HOA | $595.83 | $595.83 | $595.83 |
| Total housing payment | $2,593.33 | $2,939.32 | $3,895.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,750
Closing costs & prepaids$15,347
Usable credit−$0
Total buyer cash needed$67,096
Earnest money paid−$0
Remaining funds due$67,096
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,101.25
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)$1,287.50
Prepaid interest, first (2 days)$68.62
Prepaid interest, second (2 days)$21.21
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 10 moOf the original 30-year loan at 2.980%
Interest already paid$69,095Through Nov 2026
Assumption only · ends Sep 2051$175,004
Assumption + second · ends Sep 2051, second Dec 2056$256,560
New conventional · ends Dec 2056$702,550