Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,618/mo
Lowest payment- Down payment
- $203,966
- Funds due
- $219,377
- Interest + MI left
- $185,742
- First ends
- Oct 2051
Assumption
Assumption + second
$3,631/mo
+$1,013/mo- Down payment
- $65,966
- Funds due
- $82,809
- Interest + MI left
- $412,276
- First ends
- Oct 2051
New loan
New conventional
$4,572/mo
+$1,953/mo- Down payment
- $65,966
- Funds due
- $78,166
- Interest + MI left
- $853,954
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $446,034 | $446,034 | $584,034 |
| Second mortgage | — | $138,000 | — |
| First P&I | $2,120.05 | $2,120.05 | $3,956.45 |
| Second P&I | — | $1,012.60 | — |
| Mortgage insurance | — | — | $116.81 |
| Taxes, insurance & HOA | $498.34 | $498.34 | $498.34 |
| Total housing payment | $2,618.39 | $3,630.98 | $4,571.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,966
Closing costs & prepaids$16,843
Usable credit−$0
Total buyer cash needed$82,809
Earnest money paid−$0
Remaining funds due$82,809
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,230.17
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)$780.00
Initial HOA (3 months)$215.01
Prepaid interest, first (6 days)$218.50
Prepaid interest, second (6 days)$181.48
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 10 moOf the original 30-year loan at 2.98%
Interest already paid$73,335Through Dec 2026
Assumption only · ends Oct 2051$185,742
Assumption + second · ends Oct 2051, second Jan 2057$412,276
New conventional · ends Jan 2057$853,954