Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,980/mo
Lowest payment- Down payment
- $133,725
- Funds due
- $149,561
- Interest + MI left
- $223,216
- First ends
- Jun 2051
Assumption
Assumption + second
$3,527/mo
+$547/mo- Down payment
- $65,725
- Funds due
- $82,962
- Interest + MI left
- $352,188
- First ends
- Jun 2051
New loan
New conventional
$4,536/mo
+$1,556/mo- Down payment
- $65,725
- Funds due
- $78,169
- Interest + MI left
- $852,845
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $515,275 | $515,275 | $583,275 |
| Second mortgage | — | $68,000 | — |
| First P&I | $2,511.87 | $2,511.87 | $3,951.31 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | — | — | $116.65 |
| Taxes, insurance & HOA | $467.92 | $467.92 | $467.92 |
| Total housing payment | $2,979.79 | $3,526.94 | $4,535.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,725
Closing costs & prepaids$17,237
Usable credit−$0
Total buyer cash needed$82,962
Earnest money paid−$0
Remaining funds due$82,962
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,576.38
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)$778.75
Initial HOA (3 months)$125.01
Prepaid interest, first (9 days)$397.68
Prepaid interest, second (9 days)$150.90
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$95,059Through Dec 2026
Assumption only · ends Jun 2051$223,216
Assumption + second · ends Jun 2051, second Jan 2057$352,188
New conventional · ends Jan 2057$852,845