Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,523/mo
Lowest payment- Down payment
- $156,360
- Funds due
- $171,178
- Interest + MI left
- $165,708
- First ends
- Oct 2051
Assumption
Assumption + second
$3,296/mo
+$772/mo- Down payment
- $60,360
- Funds due
- $76,570
- Interest + MI left
- $347,786
- First ends
- Oct 2051
New loan
New conventional
$4,242/mo
+$1,719/mo- Down payment
- $60,360
- Funds due
- $72,003
- Interest + MI left
- $789,043
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $443,640 | $443,640 | $539,640 |
| Second mortgage | — | $96,000 | — |
| First P&I | $2,044.79 | $2,044.79 | $3,655.71 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | — | — | $107.93 |
| Taxes, insurance & HOA | $478.34 | $478.34 | $478.34 |
| Total housing payment | $2,523.13 | $3,295.57 | $4,241.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,360
Closing costs & prepaids$16,210
Usable credit−$0
Total buyer cash needed$76,570
Earnest money paid−$0
Remaining funds due$76,570
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,218.20
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)$720.00
Initial HOA (3 months)$215.01
Prepaid interest, first (6 days)$196.90
Prepaid interest, second (6 days)$142.03
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 10 moOf the original 30-year loan at 2.7%
Interest already paid$66,274Through Dec 2026
Assumption only · ends Oct 2051$165,708
Assumption + second · ends Oct 2051, second Jan 2057$347,786
New conventional · ends Jan 2057$789,043