Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,737/mo
Lowest payment- Down payment
- $171,260
- Funds due
- $186,741
- Interest + MI left
- $189,314
- First ends
- Jul 2051
Assumption
Assumption + second
$3,515/mo
+$778/mo- Down payment
- $65,260
- Funds due
- $82,131
- Interest + MI left
- $363,319
- First ends
- Jul 2051
New loan
New conventional
$4,533/mo
+$1,796/mo- Down payment
- $65,260
- Funds due
- $77,386
- Interest + MI left
- $847,676
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $473,740 | $473,740 | $579,740 |
| Second mortgage | — | $106,000 | — |
| First P&I | $2,247.64 | $2,247.64 | $3,927.36 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | — | — | $115.95 |
| Taxes, insurance & HOA | $489.67 | $489.67 | $489.67 |
| Total housing payment | $2,737.31 | $3,515.10 | $4,532.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,260
Closing costs & prepaids$16,871
Usable credit−$0
Total buyer cash needed$82,131
Earnest money paid−$0
Remaining funds due$82,131
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,450.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,368.70
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)$774.00
Initial HOA (3 months)$195.00
Prepaid interest, first (6 days)$225.84
Prepaid interest, second (6 days)$139.40
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 7 moOf the original 30-year loan at 2.9%
Interest already paid$79,837Through Dec 2026
Assumption only · ends Jul 2051$189,314
Assumption + second · ends Jul 2051, second Jan 2057$363,319
New conventional · ends Jan 2057$847,676