Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,303/mo
Lowest payment- Down payment
- $97,597
- Funds due
- $110,700
- Interest + MI left
- $179,226
- First ends
- Jul 2051
Assumption
Assumption + second
$2,714/mo
+$410/mo- Down payment
- $46,597
- Funds due
- $61,063
- Interest + MI left
- $275,955
- First ends
- Jul 2051
New loan
New conventional
$3,356/mo
+$1,053/mo- Down payment
- $46,597
- Funds due
- $57,042
- Interest + MI left
- $606,642
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $363,893 | $363,893 | $414,893 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,841.08 | $1,841.08 | $2,810.63 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | — | — | $82.98 |
| Taxes, insurance & HOA | $462.25 | $462.25 | $462.25 |
| Total housing payment | $2,303.33 | $2,713.69 | $3,355.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,597
Closing costs & prepaids$14,466
Usable credit−$0
Total buyer cash needed$61,063
Earnest money paid−$0
Remaining funds due$61,063
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,614.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,819.47
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)$553.75
Initial HOA (3 months)$333.00
Prepaid interest, first (9 days)$314.04
Prepaid interest, second (9 days)$113.18
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 7 moOf the original 30-year loan at 3.5%
Interest already paid$73,564Through Dec 2026
Assumption only · ends Jul 2051$179,226
Assumption + second · ends Jul 2051, second Jan 2057$275,955
New conventional · ends Jan 2057$606,642