Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,249/mo
Lowest payment- Down payment
- $216,172
- Funds due
- $234,693
- Interest + MI left
- $223,841
- First ends
- Nov 2051
Assumption
Assumption + second
$4,247/mo
+$998/mo- Down payment
- $80,172
- Funds due
- $100,211
- Interest + MI left
- $447,092
- First ends
- Nov 2051
New loan
New conventional
$5,564/mo
+$2,315/mo- Down payment
- $80,172
- Funds due
- $95,060
- Interest + MI left
- $1,051,045
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $582,828 | $582,828 | $718,828 |
| Second mortgage | — | $136,000 | — |
| First P&I | $2,697.89 | $2,697.89 | $4,869.59 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | — | — | $143.77 |
| Taxes, insurance & HOA | $550.83 | $550.83 | $550.83 |
| Total housing payment | $3,248.72 | $4,246.64 | $5,564.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,172
Closing costs & prepaids$20,040
Usable credit−$0
Total buyer cash needed$100,211
Earnest money paid−$0
Remaining funds due$100,211
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,914.14
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)$958.75
Initial HOA (3 months)$43.74
Prepaid interest, first (9 days)$396.64
Prepaid interest, second (9 days)$268.27
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$87,400Through Dec 2026
Assumption only · ends Nov 2051$223,841
Assumption + second · ends Nov 2051, second Jan 2057$447,092
New conventional · ends Jan 2057$1,051,045