Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,451/mo
Lowest payment- Down payment
- $195,236
- Funds due
- $209,952
- Interest + MI left
- $178,672
- First ends
- Aug 2051
Assumption
Assumption + second
$3,427/mo
+$976/mo- Down payment
- $62,236
- Funds due
- $78,376
- Interest + MI left
- $396,998
- First ends
- Aug 2051
New loan
New conventional
$4,285/mo
+$1,833/mo- Down payment
- $62,236
- Funds due
- $73,879
- Interest + MI left
- $808,232
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $419,764 | $419,764 | $552,764 |
| Second mortgage | — | $133,000 | — |
| First P&I | $2,021.74 | $2,021.74 | $3,744.62 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | — | — | $110.55 |
| Taxes, insurance & HOA | $429.34 | $429.34 | $429.34 |
| Total housing payment | $2,451.08 | $3,426.99 | $4,284.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,236
Closing costs & prepaids$16,141
Usable credit−$0
Total buyer cash needed$78,376
Earnest money paid−$0
Remaining funds due$78,376
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,098.82
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)$738.00
Initial HOA (3 months)$50.01
Prepaid interest, first (6 days)$211.15
Prepaid interest, second (6 days)$174.90
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 8 moOf the original 30-year loan at 3.06%
Interest already paid$73,280Through Dec 2026
Assumption only · ends Aug 2051$178,672
Assumption + second · ends Aug 2051, second Jan 2057$396,998
New conventional · ends Jan 2057$808,232