Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,851/mo
Lowest payment- Down payment
- $165,863
- Funds due
- $181,761
- Interest + MI left
- $202,823
- First ends
- Dec 2051
Assumption
Assumption + second
$3,592/mo
+$741/mo- Down payment
- $64,863
- Funds due
- $82,210
- Interest + MI left
- $368,620
- First ends
- Dec 2051
New loan
New conventional
$4,620/mo
+$1,769/mo- Down payment
- $64,863
- Funds due
- $77,598
- Interest + MI left
- $846,794
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $478,137 | $478,137 | $579,137 |
| Second mortgage | — | $101,000 | — |
| First P&I | $2,269.87 | $2,269.87 | $3,923.28 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | — | — | $115.83 |
| Taxes, insurance & HOA | $581.25 | $581.25 | $581.25 |
| Total housing payment | $2,851.12 | $3,592.22 | $4,620.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,863
Closing costs & prepaids$17,347
Usable credit−$0
Total buyer cash needed$82,210
Earnest money paid−$0
Remaining funds due$82,210
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,440.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,390.68
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)$772.75
Initial HOA (3 months)$471.00
Prepaid interest, first (9 days)$354.87
Prepaid interest, second (9 days)$199.23
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 closing25 yrOf the original 30-year loan at 3.01%
Interest already paid$76,629Through Dec 2026
Assumption only · ends Dec 2051$202,823
Assumption + second · ends Dec 2051, second Jan 2057$368,620
New conventional · ends Jan 2057$846,794