Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,587/mo
Lowest payment- Down payment
- $164,928
- Funds due
- $179,801
- Interest + MI left
- $185,188
- First ends
- Aug 2051
Assumption
Assumption + second
$3,350/mo
+$763/mo- Down payment
- $60,928
- Funds due
- $77,211
- Interest + MI left
- $355,909
- First ends
- Aug 2051
New loan
New conventional
$4,251/mo
+$1,664/mo- Down payment
- $60,928
- Funds due
- $72,711
- Interest + MI left
- $788,105
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $435,072 | $435,072 | $539,072 |
| Second mortgage | — | $104,000 | — |
| First P&I | $2,095.47 | $2,095.47 | $3,651.86 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | — | — | $107.81 |
| Taxes, insurance & HOA | $491.67 | $491.67 | $491.67 |
| Total housing payment | $2,587.14 | $3,350.25 | $4,251.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,928
Closing costs & prepaids$16,283
Usable credit−$0
Total buyer cash needed$77,211
Earnest money paid−$0
Remaining funds due$77,211
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,175.36
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)$720.00
Initial HOA (3 months)$255.00
Prepaid interest, first (7 days)$255.32
Prepaid interest, second (7 days)$159.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 8 moOf the original 30-year loan at 3.06%
Interest already paid$75,952Through Dec 2026
Assumption only · ends Aug 2051$185,188
Assumption + second · ends Aug 2051, second Jan 2057$355,909
New conventional · ends Jan 2057$788,105