Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,079/mo
Lowest payment- Down payment
- $181,964
- Funds due
- $198,634
- Interest + MI left
- $179,306
- First ends
- May 2051
Assumption
Assumption + second
$3,930/mo
+$851/mo- Down payment
- $65,964
- Funds due
- $84,062
- Interest + MI left
- $369,727
- First ends
- May 2051
New loan
New conventional
$4,943/mo
+$1,864/mo- Down payment
- $65,964
- Funds due
- $79,393
- Interest + MI left
- $853,957
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $468,036 | $468,036 | $584,036 |
| Second mortgage | — | $116,000 | — |
| First P&I | $2,209.36 | $2,209.36 | $3,956.46 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | — | — | $116.81 |
| Taxes, insurance & HOA | $869.67 | $869.67 | $869.67 |
| Total housing payment | $3,079.03 | $3,930.19 | $4,942.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,964
Closing costs & prepaids$18,097
Usable credit−$0
Total buyer cash needed$84,062
Earnest money paid−$0
Remaining funds due$84,062
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%)$2,340.18
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)$1,329.00
Prepaid interest, first (7 days)$252.23
Prepaid interest, second (7 days)$177.97
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 5 moOf the original 30-year loan at 2.81%
Interest already paid$79,063Through Dec 2026
Assumption only · ends May 2051$179,306
Assumption + second · ends May 2051, second Jan 2057$369,727
New conventional · ends Jan 2057$853,957