Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,183/mo
Lowest payment- Down payment
- $185,753
- Funds due
- $199,522
- Interest + MI left
- $149,127
- First ends
- Jun 2051
Assumption
Assumption + second
$3,151/mo
+$969/mo- Down payment
- $53,753
- Funds due
- $69,032
- Interest + MI left
- $365,812
- First ends
- Jun 2051
New loan
New conventional
$3,826/mo
+$1,643/mo- Down payment
- $53,753
- Funds due
- $65,048
- Interest + MI left
- $696,352
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $344,247 | $344,247 | $476,247 |
| Second mortgage | — | $132,000 | — |
| First P&I | $1,678.14 | $1,678.14 | $3,226.26 |
| Second P&I | — | $968.57 | — |
| Mortgage insurance | — | — | $95.25 |
| Taxes, insurance & HOA | $504.67 | $504.67 | $504.67 |
| Total housing payment | $2,182.81 | $3,151.38 | $3,826.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,753
Closing costs & prepaids$15,279
Usable credit−$0
Total buyer cash needed$69,032
Earnest money paid−$0
Remaining funds due$69,032
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,721.23
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)$636.00
Initial HOA (3 months)$378.00
Prepaid interest, first (9 days)$265.68
Prepaid interest, second (9 days)$260.38
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 3.13%
Interest already paid$63,507Through Dec 2026
Assumption only · ends Jun 2051$149,127
Assumption + second · ends Jun 2051, second Jan 2057$365,812
New conventional · ends Jan 2057$696,352