Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,532/mo
Lowest payment- Down payment
- $158,064
- Funds due
- $176,528
- Interest + MI left
- $251,380
- First ends
- Jun 2051
Assumption
Assumption + second
$4,176/mo
+$644/mo- Down payment
- $78,064
- Funds due
- $97,897
- Interest + MI left
- $403,111
- First ends
- Jun 2051
New loan
New conventional
$5,458/mo
+$1,925/mo- Down payment
- $78,064
- Funds due
- $92,373
- Interest + MI left
- $1,026,347
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $621,936 | $621,936 | $701,936 |
| Second mortgage | — | $80,000 | — |
| First P&I | $2,970.46 | $2,970.46 | $4,755.16 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | — | — | $140.39 |
| Taxes, insurance & HOA | $562.00 | $562.00 | $562.00 |
| Total housing payment | $3,532.46 | $4,176.16 | $5,457.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$78,064
Closing costs & prepaids$19,833
Usable credit−$0
Total buyer cash needed$97,897
Earnest money paid−$0
Remaining funds due$97,897
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,109.68
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)$936.00
Initial HOA (3 months)$99.99
Prepaid interest, first (6 days)$300.57
Prepaid interest, second (6 days)$118.36
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 2.94%
Interest already paid$107,986Through Dec 2026
Assumption only · ends Jun 2051$251,380
Assumption + second · ends Jun 2051, second Jan 2057$403,111
New conventional · ends Jan 2057$1,026,347