Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,566/mo
Lowest payment- Down payment
- $186,130
- Funds due
- $201,055
- Interest + MI left
- $199,221
- First ends
- Aug 2051
Assumption
Assumption + second
$3,439/mo
+$873/mo- Down payment
- $67,130
- Funds due
- $83,331
- Interest + MI left
- $394,566
- First ends
- Aug 2051
New loan
New conventional
$4,561/mo
+$1,994/mo- Down payment
- $67,130
- Funds due
- $78,255
- Interest + MI left
- $914,141
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $483,770 | $483,770 | $602,770 |
| Second mortgage | — | $119,000 | — |
| First P&I | $2,299.63 | $2,299.63 | $4,173.46 |
| Second P&I | — | $873.18 | — |
| Mortgage insurance | — | — | $120.55 |
| Taxes, insurance & HOA | $266.67 | $266.67 | $266.67 |
| Total housing payment | $2,566.30 | $3,439.48 | $4,560.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,130
Closing costs & prepaids$16,201
Usable credit−$0
Total buyer cash needed$83,331
Earnest money paid−$0
Remaining funds due$83,331
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,699.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,418.85
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)$300.00
Prepaid interest, first (1 days)$39.23
Prepaid interest, second (1 days)$26.08
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 2.960%
Interest already paid$80,397Through Nov 2026
Assumption only · ends Aug 2051$199,221
Assumption + second · ends Aug 2051, second Dec 2056$394,566
New conventional · ends Dec 2056$914,141