Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,296/mo
Lowest payment- Down payment
- $174,084
- Funds due
- $187,980
- Interest + MI left
- $145,422
- First ends
- Jan 2051
Assumption
Assumption + second
$3,162/mo
+$866/mo- Down payment
- $56,084
- Funds due
- $71,256
- Interest + MI left
- $339,126
- First ends
- Jan 2051
New loan
New conventional
$4,035/mo
+$1,739/mo- Down payment
- $56,084
- Funds due
- $66,793
- Interest + MI left
- $756,540
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $380,916 | $380,916 | $498,916 |
| Second mortgage | — | $118,000 | — |
| First P&I | $1,814.96 | $1,814.96 | $3,454.39 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | — | — | $99.78 |
| Taxes, insurance & HOA | $481.25 | $481.25 | $481.25 |
| Total housing payment | $2,296.21 | $3,162.05 | $4,035.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,084
Closing costs & prepaids$15,172
Usable credit−$0
Total buyer cash needed$71,256
Earnest money paid−$0
Remaining funds due$71,256
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,904.58
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)$619.75
Initial HOA (3 months)$324.00
Prepaid interest, first (1 days)$29.53
Prepaid interest, second (1 days)$25.86
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 closing24 yr 2 moOf the original 30-year loan at 2.830%
Interest already paid$67,963Through Nov 2026
Assumption only · ends Jan 2051$145,422
Assumption + second · ends Jan 2051, second Dec 2056$339,126
New conventional · ends Dec 2056$756,540