Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,826/mo
Lowest payment- Down payment
- $164,795
- Funds due
- $180,307
- Interest + MI left
- $204,025
- First ends
- Dec 2051
Assumption
Assumption + second
$3,559/mo
+$734/mo- Down payment
- $64,795
- Funds due
- $81,578
- Interest + MI left
- $368,180
- First ends
- Dec 2051
New loan
New conventional
$4,682/mo
+$1,856/mo- Down payment
- $64,795
- Funds due
- $76,547
- Interest + MI left
- $878,403
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $479,205 | $479,205 | $579,205 |
| Second mortgage | — | $100,000 | — |
| First P&I | $2,269.87 | $2,269.87 | $4,010.30 |
| Second P&I | — | $733.76 | — |
| Mortgage insurance | — | — | $115.84 |
| Taxes, insurance & HOA | $555.83 | $555.83 | $555.83 |
| Total housing payment | $2,825.70 | $3,559.46 | $4,681.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,795
Closing costs & prepaids$16,783
Usable credit−$0
Total buyer cash needed$81,578
Earnest money paid−$0
Remaining funds due$81,578
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,440.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,396.02
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)$696.50
Initial HOA (3 months)$471.00
Prepaid interest, first (1 days)$39.52
Prepaid interest, second (1 days)$21.92
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 yr 1 moOf the original 30-year loan at 3.010%
Interest already paid$75,427Through Nov 2026
Assumption only · ends Dec 2051$204,025
Assumption + second · ends Dec 2051, second Dec 2056$368,180
New conventional · ends Dec 2056$878,403