Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,650/mo
Lowest payment- Down payment
- $139,394
- Funds due
- $154,266
- Interest + MI left
- $186,419
- First ends
- Jul 2051
Assumption
Assumption + second
$3,302/mo
+$652/mo- Down payment
- $58,394
- Funds due
- $74,696
- Interest + MI left
- $340,047
- First ends
- Jul 2051
New loan
New conventional
$4,159/mo
+$1,509/mo- Down payment
- $58,394
- Funds due
- $70,281
- Interest + MI left
- $761,212
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $439,606 | $439,606 | $520,606 |
| Second mortgage | — | $81,000 | — |
| First P&I | $2,122.12 | $2,122.12 | $3,526.77 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | — | — | $104.12 |
| Taxes, insurance & HOA | $528.25 | $528.25 | $528.25 |
| Total housing payment | $2,650.37 | $3,302.11 | $4,159.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,394
Closing costs & prepaids$16,302
Usable credit−$0
Total buyer cash needed$74,696
Earnest money paid−$0
Remaining funds due$74,696
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,198.03
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)$694.75
Initial HOA (3 months)$390.00
Prepaid interest, first (9 days)$331.69
Prepaid interest, second (9 days)$179.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 7 moOf the original 30-year loan at 3.06%
Interest already paid$78,042Through Dec 2026
Assumption only · ends Jul 2051$186,419
Assumption + second · ends Jul 2051, second Jan 2057$340,047
New conventional · ends Jan 2057$761,212