Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,368/mo
Lowest payment- Down payment
- $204,317
- Funds due
- $222,638
- Interest + MI left
- $233,804
- First ends
- Jun 2051
Assumption
Assumption + second
$4,300/mo
+$932/mo- Down payment
- $77,317
- Funds due
- $97,055
- Interest + MI left
- $442,282
- First ends
- Jun 2051
New loan
New conventional
$5,480/mo
+$2,112/mo- Down payment
- $77,317
- Funds due
- $91,782
- Interest + MI left
- $1,012,817
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $565,683 | $565,683 | $692,683 |
| Second mortgage | — | $127,000 | — |
| First P&I | $2,719.35 | $2,719.35 | $4,692.48 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | — | — | $138.54 |
| Taxes, insurance & HOA | $648.67 | $648.67 | $648.67 |
| Total housing payment | $3,368.01 | $4,299.89 | $5,479.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$77,317
Closing costs & prepaids$19,738
Usable credit−$0
Total buyer cash needed$97,055
Earnest money paid−$0
Remaining funds due$97,055
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,828.42
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)$924.00
Initial HOA (3 months)$372.00
Prepaid interest, first (6 days)$278.97
Prepaid interest, second (6 days)$167.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6 moOf the original 30-year loan at 3%
Interest already paid$100,160Through Dec 2026
Assumption only · ends Jun 2051$233,804
Assumption + second · ends Jun 2051, second Jan 2057$442,282
New conventional · ends Jan 2057$1,012,817