Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,175/mo
Lowest payment- Down payment
- $364,969
- Funds due
- $387,388
- Interest + MI left
- $308,870
- First ends
- Aug 2051
Assumption
Assumption + second
$5,988/mo
+$1,813/mo- Down payment
- $111,969
- Funds due
- $135,746
- Interest + MI left
- $708,378
- First ends
- Aug 2051
New loan
New conventional
$7,755/mo
+$3,580/mo- Down payment
- $111,969
- Funds due
- $129,011
- Interest + MI left
- $1,521,164
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $750,031 | $750,031 | $1,003,031 |
| Second mortgage | — | $253,000 | — |
| First P&I | $3,565.32 | $3,565.32 | $6,944.78 |
| Second P&I | — | $1,812.52 | — |
| Mortgage insurance | — | — | $200.61 |
| Taxes, insurance & HOA | $609.83 | $609.83 | $609.83 |
| Total housing payment | $4,175.16 | $5,987.68 | $7,755.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$111,969
Closing costs & prepaids$23,777
Usable credit−$0
Total buyer cash needed$135,746
Earnest money paid−$0
Remaining funds due$135,746
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,750.16
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)$1,179.50
Prepaid interest, first (2 days)$121.65
Prepaid interest, second (2 days)$107.44
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 2.960%
Interest already paid$124,647Through Nov 2026
Assumption only · ends Aug 2051$308,870
Assumption + second · ends Aug 2051, second Dec 2056$708,378
New conventional · ends Dec 2056$1,521,164