Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,673/mo
Lowest payment- Down payment
- $134,887
- Funds due
- $149,900
- Interest + MI left
- $192,874
- First ends
- Nov 2051
Assumption
Assumption + second
$3,260/mo
+$587/mo- Down payment
- $61,887
- Funds due
- $78,258
- Interest + MI left
- $331,329
- First ends
- Nov 2051
New loan
New conventional
$4,280/mo
+$1,607/mo- Down payment
- $61,887
- Funds due
- $73,513
- Interest + MI left
- $808,743
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $480,113 | $480,113 | $553,113 |
| Second mortgage | — | $73,000 | — |
| First P&I | $2,250.79 | $2,250.79 | $3,746.98 |
| Second P&I | — | $587.37 | — |
| Mortgage insurance | — | — | $110.62 |
| Taxes, insurance & HOA | $422.25 | $422.25 | $422.25 |
| Total housing payment | $2,673.04 | $3,260.41 | $4,279.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,887
Closing costs & prepaids$16,370
Usable credit−$0
Total buyer cash needed$78,258
Earnest money paid−$0
Remaining funds due$78,258
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,150.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,400.56
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)$738.00
Initial HOA (3 months)$28.74
Prepaid interest, first (6 days)$226.90
Prepaid interest, second (6 days)$108.00
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 11 moOf the original 30-year loan at 2.875%
Interest already paid$74,911Through Dec 2026
Assumption only · ends Nov 2051$192,874
Assumption + second · ends Nov 2051, second Jan 2057$331,329
New conventional · ends Jan 2057$808,743