Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,621/mo
Lowest payment- Down payment
- $120,241
- Funds due
- $134,706
- Interest + MI left
- $191,386
- First ends
- Jun 2051
Assumption
Assumption + second
$3,128/mo
+$507/mo- Down payment
- $57,241
- Funds due
- $73,049
- Interest + MI left
- $310,875
- First ends
- Jun 2051
New loan
New conventional
$4,016/mo
+$1,395/mo- Down payment
- $57,241
- Funds due
- $68,469
- Interest + MI left
- $749,738
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $449,759 | $449,759 | $512,759 |
| Second mortgage | — | $63,000 | — |
| First P&I | $2,180.77 | $2,180.77 | $3,473.61 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | — | — | $102.55 |
| Taxes, insurance & HOA | $440.00 | $440.00 | $440.00 |
| Total housing payment | $2,620.76 | $3,127.67 | $4,016.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,241
Closing costs & prepaids$15,808
Usable credit−$0
Total buyer cash needed$73,049
Earnest money paid−$0
Remaining funds due$73,049
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,700.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,248.79
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)$684.00
Initial HOA (3 months)$135.99
Prepaid interest, first (6 days)$227.71
Prepaid interest, second (6 days)$93.21
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 3.08%
Interest already paid$81,689Through Dec 2026
Assumption only · ends Jun 2051$191,386
Assumption + second · ends Jun 2051, second Jan 2057$310,875
New conventional · ends Jan 2057$749,738