Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,808/mo
Lowest payment- Down payment
- $203,958
- Funds due
- $224,370
- Interest + MI left
- $222,383
- First ends
- Jun 2051
Assumption
Assumption + second
$4,644/mo
+$836/mo- Down payment
- $89,958
- Funds due
- $111,795
- Interest + MI left
- $409,520
- First ends
- Jun 2051
New loan
New conventional
$6,330/mo
+$2,522/mo- Down payment
- $89,958
- Funds due
- $105,999
- Interest + MI left
- $1,182,953
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $695,042 | $695,042 | $809,042 |
| Second mortgage | — | $114,000 | — |
| First P&I | $3,120.49 | $3,120.49 | $5,480.73 |
| Second P&I | — | $836.49 | — |
| Mortgage insurance | — | — | $161.81 |
| Taxes, insurance & HOA | $687.25 | $687.25 | $687.25 |
| Total housing payment | $3,807.74 | $4,644.23 | $6,329.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$89,958
Closing costs & prepaids$21,836
Usable credit−$0
Total buyer cash needed$111,795
Earnest money paid−$0
Remaining funds due$111,795
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,475.21
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)$1,078.75
Initial HOA (3 months)$333.00
Prepaid interest, first (7 days)$316.58
Prepaid interest, second (7 days)$174.90
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 6 moOf the original 30-year loan at 2.375%
Interest already paid$98,094Through Dec 2026
Assumption only · ends Jun 2051$222,383
Assumption + second · ends Jun 2051, second Jan 2057$409,520
New conventional · ends Jan 2057$1,182,953