Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,028/mo
Lowest payment- Down payment
- $156,131
- Funds due
- $172,141
- Interest + MI left
- $229,074
- First ends
- Nov 2051
Assumption
Assumption + second
$3,736/mo
+$708/mo- Down payment
- $68,131
- Funds due
- $85,413
- Interest + MI left
- $395,979
- First ends
- Nov 2051
New loan
New conventional
$4,874/mo
+$1,847/mo- Down payment
- $68,131
- Funds due
- $80,151
- Interest + MI left
- $920,356
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $518,868 | $518,868 | $606,868 |
| Second mortgage | — | $88,000 | — |
| First P&I | $2,476.70 | $2,476.70 | $4,201.83 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | — | — | $121.37 |
| Taxes, insurance & HOA | $551.17 | $551.17 | $551.17 |
| Total housing payment | $3,027.86 | $3,735.93 | $4,874.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,131
Closing costs & prepaids$17,282
Usable credit−$0
Total buyer cash needed$85,413
Earnest money paid−$0
Remaining funds due$85,413
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,749.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,594.34
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)$778.50
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$44.07
Prepaid interest, second (1 days)$21.70
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 closing25 yrOf the original 30-year loan at 3.100%
Interest already paid$85,195Through Nov 2026
Assumption only · ends Nov 2051$229,074
Assumption + second · ends Nov 2051, second Dec 2056$395,979
New conventional · ends Dec 2056$920,356