Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,675/mo
Lowest payment- Down payment
- $198,538
- Funds due
- $214,577
- Interest + MI left
- $148,465
- First ends
- Jun 2051
Assumption
Assumption + second
$3,629/mo
+$954/mo- Down payment
- $68,538
- Funds due
- $86,084
- Interest + MI left
- $361,867
- First ends
- Jun 2051
New loan
New conventional
$4,793/mo
+$2,118/mo- Down payment
- $68,538
- Funds due
- $81,505
- Interest + MI left
- $892,596
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $480,462 | $480,462 | $610,462 |
| Second mortgage | — | $130,000 | — |
| First P&I | $2,139.21 | $2,139.21 | $4,135.48 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | — | — | $122.09 |
| Taxes, insurance & HOA | $535.42 | $535.42 | $535.42 |
| Total housing payment | $2,674.63 | $3,628.52 | $4,792.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,538
Closing costs & prepaids$17,545
Usable credit−$0
Total buyer cash needed$86,084
Earnest money paid−$0
Remaining funds due$86,084
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,402.31
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)$814.75
Initial HOA (3 months)$291.51
Prepaid interest, first (9 days)$272.48
Prepaid interest, second (9 days)$256.44
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 6 moOf the original 30-year loan at 2.3%
Interest already paid$65,724Through Dec 2026
Assumption only · ends Jun 2051$148,465
Assumption + second · ends Jun 2051, second Jan 2057$361,867
New conventional · ends Jan 2057$892,596