Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,492/mo
Lowest payment- Down payment
- $180,464
- Funds due
- $195,677
- Interest + MI left
- $132,655
- First ends
- Mar 2051
Assumption
Assumption + second
$3,350/mo
+$859/mo- Down payment
- $63,464
- Funds due
- $80,157
- Interest + MI left
- $324,717
- First ends
- Mar 2051
New loan
New conventional
$4,425/mo
+$1,933/mo- Down payment
- $63,464
- Funds due
- $75,774
- Interest + MI left
- $820,946
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $444,536 | $444,536 | $561,536 |
| Second mortgage | — | $117,000 | — |
| First P&I | $1,983.48 | $1,983.48 | $3,804.04 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | — | — | $112.31 |
| Taxes, insurance & HOA | $508.34 | $508.34 | $508.34 |
| Total housing payment | $2,491.81 | $3,350.32 | $4,424.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,464
Closing costs & prepaids$16,693
Usable credit−$0
Total buyer cash needed$80,157
Earnest money paid−$0
Remaining funds due$80,157
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,222.68
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)$750.00
Initial HOA (3 months)$275.01
Prepaid interest, first (9 days)$246.63
Prepaid interest, second (9 days)$230.79
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 3 moOf the original 30-year loan at 2.25%
Interest already paid$62,496Through Dec 2026
Assumption only · ends Mar 2051$132,655
Assumption + second · ends Mar 2051, second Jan 2057$324,717
New conventional · ends Jan 2057$820,946