Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,216/mo
Lowest payment- Down payment
- $100,401
- Funds due
- $120,174
- Interest + MI left
- $290,255
- First ends
- Aug 2051
Assumption
Assumption + second
$4,828/mo
+$611/mo- Down payment
- $40,401
- Funds due
- $61,443
- Interest + MI left
- $450,359
- First ends
- Aug 2051
New loan
New conventional
$6,295/mo
+$2,078/mo- Down payment
- $40,401
- Funds due
- $55,576
- Interest + MI left
- $1,156,083
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $699,598 | $699,598 | $759,598 |
| Second mortgage | — | $60,000 | — |
| First P&I | $3,332.84 | $3,332.84 | $5,259.30 |
| Second P&I | — | $611.40 | — |
| Mortgage insurance | — | — | $151.92 |
| Taxes, insurance & HOA | $883.33 | $883.33 | $883.33 |
| Total housing payment | $4,216.17 | $4,827.57 | $6,294.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,401
Closing costs & prepaids$21,043
Usable credit−$0
Total buyer cash needed$61,443
Earnest money paid−$0
Remaining funds due$61,443
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,999.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,497.99
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$2,000.00
Prepaid interest, first (1 days)$57.12
Prepaid interest, second (1 days)$19.52
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 2.980%
Interest already paid$117,027Through Nov 2026
Assumption only · ends Aug 2051$290,255
Assumption + second · ends Aug 2051, second Dec 2056$450,359
New conventional · ends Dec 2056$1,156,083