Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,227/mo
Lowest payment- Down payment
- $168,932
- Funds due
- $186,710
- Interest + MI left
- $218,036
- First ends
- Oct 2051
Assumption
Assumption + second
$3,991/mo
+$764/mo- Down payment
- $73,932
- Funds due
- $93,101
- Interest + MI left
- $398,217
- First ends
- Oct 2051
New loan
New conventional
$5,195/mo
+$1,968/mo- Down payment
- $73,932
- Funds due
- $87,881
- Interest + MI left
- $962,204
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $563,068 | $563,068 | $658,068 |
| Second mortgage | — | $95,000 | — |
| First P&I | $2,621.15 | $2,621.15 | $4,457.98 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | — | — | $131.61 |
| Taxes, insurance & HOA | $605.50 | $605.50 | $605.50 |
| Total housing payment | $3,226.65 | $3,991.04 | $5,195.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,932
Closing costs & prepaids$19,169
Usable credit−$0
Total buyer cash needed$93,101
Earnest money paid−$0
Remaining funds due$93,101
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,320.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,815.34
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)$878.50
Initial HOA (3 months)$288.00
Prepaid interest, first (6 days)$258.24
Prepaid interest, second (6 days)$140.55
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 2.79%
Interest already paid$86,839Through Dec 2026
Assumption only · ends Oct 2051$218,036
Assumption + second · ends Oct 2051, second Jan 2057$398,217
New conventional · ends Jan 2057$962,204