Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,690/mo
Lowest payment- Down payment
- $119,975
- Funds due
- $134,659
- Interest + MI left
- $188,593
- First ends
- Jun 2051
Assumption
Assumption + second
$3,197/mo
+$507/mo- Down payment
- $56,975
- Funds due
- $73,018
- Interest + MI left
- $308,081
- First ends
- Jun 2051
New loan
New conventional
$4,060/mo
+$1,370/mo- Down payment
- $56,975
- Funds due
- $68,528
- Interest + MI left
- $735,405
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $440,025 | $440,025 | $503,025 |
| Second mortgage | — | $63,000 | — |
| First P&I | $2,138.16 | $2,138.16 | $3,407.67 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | — | — | $100.61 |
| Taxes, insurance & HOA | $551.67 | $551.67 | $551.67 |
| Total housing payment | $2,689.82 | $3,196.74 | $4,059.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,975
Closing costs & prepaids$16,043
Usable credit−$0
Total buyer cash needed$73,018
Earnest money paid−$0
Remaining funds due$73,018
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,200.13
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)$672.00
Initial HOA (3 months)$483.00
Prepaid interest, first (7 days)$261.60
Prepaid interest, second (7 days)$108.74
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 3.1%
Interest already paid$80,424Through Dec 2026
Assumption only · ends Jun 2051$188,593
Assumption + second · ends Jun 2051, second Jan 2057$308,081
New conventional · ends Jan 2057$735,405