Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,749/mo
Lowest payment- Down payment
- $154,722
- Funds due
- $170,009
- Interest + MI left
- $188,131
- First ends
- Jun 2051
Assumption
Assumption + second
$3,497/mo
+$748/mo- Down payment
- $61,722
- Funds due
- $78,420
- Interest + MI left
- $364,519
- First ends
- Jun 2051
New loan
New conventional
$4,384/mo
+$1,635/mo- Down payment
- $61,722
- Funds due
- $73,816
- Interest + MI left
- $801,527
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $455,178 | $455,178 | $548,178 |
| Second mortgage | — | $93,000 | — |
| First P&I | $2,188.12 | $2,188.12 | $3,713.55 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | — | — | $109.64 |
| Taxes, insurance & HOA | $560.67 | $560.67 | $560.67 |
| Total housing payment | $2,748.79 | $3,497.09 | $4,383.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$61,722
Closing costs & prepaids$16,697
Usable credit−$0
Total buyer cash needed$78,420
Earnest money paid−$0
Remaining funds due$78,420
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,099.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,275.89
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)$732.00
Initial HOA (3 months)$450.00
Prepaid interest, first (7 days)$261.88
Prepaid interest, second (7 days)$160.52
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 3%
Interest already paid$80,594Through Dec 2026
Assumption only · ends Jun 2051$188,131
Assumption + second · ends Jun 2051, second Jan 2057$364,519
New conventional · ends Jan 2057$801,527