Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,935/mo
Lowest payment- Down payment
- $122,968
- Funds due
- $138,747
- Interest + MI left
- $178,806
- First ends
- Mar 2051
Assumption
Assumption + second
$3,409/mo
+$475/mo- Down payment
- $63,968
- Funds due
- $81,084
- Interest + MI left
- $290,708
- First ends
- Mar 2051
New loan
New conventional
$4,543/mo
+$1,609/mo- Down payment
- $63,968
- Funds due
- $76,209
- Interest + MI left
- $834,943
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $512,032 | $512,032 | $571,032 |
| Second mortgage | — | $59,000 | — |
| First P&I | $2,374.01 | $2,374.01 | $3,868.37 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | — | — | $114.21 |
| Taxes, insurance & HOA | $560.67 | $560.67 | $560.67 |
| Total housing payment | $2,934.68 | $3,409.41 | $4,543.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,968
Closing costs & prepaids$17,116
Usable credit−$0
Total buyer cash needed$81,084
Earnest money paid−$0
Remaining funds due$81,084
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,560.16
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)$762.00
Initial HOA (3 months)$420.00
Prepaid interest, first (6 days)$218.84
Prepaid interest, second (6 days)$87.29
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 3 moOf the original 30-year loan at 2.6%
Interest already paid$82,839Through Dec 2026
Assumption only · ends Mar 2051$178,806
Assumption + second · ends Mar 2051, second Jan 2057$290,708
New conventional · ends Jan 2057$834,943