Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,712/mo
Lowest payment- Down payment
- $187,731
- Funds due
- $207,500
- Interest + MI left
- $254,312
- First ends
- Nov 2051
Assumption
Assumption + second
$4,460/mo
+$748/mo- Down payment
- $85,731
- Funds due
- $106,951
- Interest + MI left
- $421,750
- First ends
- Nov 2051
New loan
New conventional
$5,976/mo
+$2,264/mo- Down payment
- $85,731
- Funds due
- $101,441
- Interest + MI left
- $1,117,341
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $662,169 | $662,169 | $764,169 |
| Second mortgage | — | $102,000 | — |
| First P&I | $3,065.15 | $3,065.15 | $5,176.75 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | — | — | $152.83 |
| Taxes, insurance & HOA | $646.67 | $646.67 | $646.67 |
| Total housing payment | $3,711.82 | $4,460.26 | $5,976.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,731
Closing costs & prepaids$21,220
Usable credit−$0
Total buyer cash needed$106,951
Earnest money paid−$0
Remaining funds due$106,951
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,310.84
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,020.00
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$450.64
Prepaid interest, second (9 days)$201.21
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 11 moOf the original 30-year loan at 2.76%
Interest already paid$99,297Through Dec 2026
Assumption only · ends Nov 2051$254,312
Assumption + second · ends Nov 2051, second Jan 2057$421,750
New conventional · ends Jan 2057$1,117,341