Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,647/mo
Lowest payment- Down payment
- $136,811
- Funds due
- $151,764
- Interest + MI left
- $184,635
- First ends
- Oct 2051
Assumption
Assumption + second
$3,259/mo
+$612/mo- Down payment
- $60,811
- Funds due
- $77,146
- Interest + MI left
- $328,780
- First ends
- Oct 2051
New loan
New conventional
$4,230/mo
+$1,583/mo- Down payment
- $60,811
- Funds due
- $72,539
- Interest + MI left
- $786,814
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $462,189 | $462,189 | $538,189 |
| Second mortgage | — | $76,000 | — |
| First P&I | $2,170.55 | $2,170.55 | $3,645.88 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | — | — | $107.64 |
| Taxes, insurance & HOA | $476.58 | $476.58 | $476.58 |
| Total housing payment | $2,647.13 | $3,258.64 | $4,230.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,811
Closing costs & prepaids$16,334
Usable credit−$0
Total buyer cash needed$77,146
Earnest money paid−$0
Remaining funds due$77,146
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,310.94
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)$718.75
Initial HOA (3 months)$210.99
Prepaid interest, first (7 days)$254.39
Prepaid interest, second (7 days)$131.18
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 10 moOf the original 30-year loan at 2.87%
Interest already paid$73,266Through Dec 2026
Assumption only · ends Oct 2051$184,635
Assumption + second · ends Oct 2051, second Jan 2057$328,780
New conventional · ends Jan 2057$786,814