Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,202/mo
Lowest payment- Down payment
- $106,819
- Funds due
- $119,443
- Interest + MI left
- $180,290
- First ends
- Jul 2051
Assumption
Assumption + second
$2,677/mo
+$475/mo- Down payment
- $47,819
- Funds due
- $61,708
- Interest + MI left
- $292,192
- First ends
- Jul 2051
New loan
New conventional
$3,379/mo
+$1,177/mo- Down payment
- $47,819
- Funds due
- $57,399
- Interest + MI left
- $642,441
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $364,671 | $364,671 | $423,671 |
| Second mortgage | — | $59,000 | — |
| First P&I | $1,841.08 | $1,841.08 | $2,933.41 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | — | — | $84.73 |
| Taxes, insurance & HOA | $360.92 | $360.92 | $360.92 |
| Total housing payment | $2,202.00 | $2,676.73 | $3,379.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,819
Closing costs & prepaids$13,889
Usable credit−$0
Total buyer cash needed$61,708
Earnest money paid−$0
Remaining funds due$61,708
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,714.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,823.35
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)$249.75
Initial HOA (3 months)$333.00
Prepaid interest, first (1 days)$34.97
Prepaid interest, second (1 days)$14.55
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 8 moOf the original 30-year loan at 3.500%
Interest already paid$72,500Through Nov 2026
Assumption only · ends Jul 2051$180,290
Assumption + second · ends Jul 2051, second Dec 2056$292,192
New conventional · ends Dec 2056$642,441