Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,015/mo
Lowest payment- Down payment
- $167,406
- Funds due
- $182,422
- Interest + MI left
- $267,493
- First ends
- Jul 2051
Assumption
Assumption + second
$3,845/mo
+$829/mo- Down payment
- $54,406
- Funds due
- $70,796
- Interest + MI left
- $452,989
- First ends
- Jul 2051
New loan
New conventional
$4,232/mo
+$1,217/mo- Down payment
- $54,406
- Funds due
- $66,451
- Interest + MI left
- $710,004
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $372,584 | $372,584 | $485,584 |
| Second mortgage | — | $113,000 | — |
| First P&I | $2,169.75 | $2,169.75 | $3,289.52 |
| Second P&I | — | $829.15 | — |
| Mortgage insurance | — | — | $97.12 |
| Taxes, insurance & HOA | $845.67 | $845.67 | $845.67 |
| Total housing payment | $3,015.42 | $3,844.57 | $4,232.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,406
Closing costs & prepaids$16,390
Usable credit−$0
Total buyer cash needed$70,796
Earnest money paid−$0
Remaining funds due$70,796
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,399.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,862.92
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)$1,377.00
Initial HOA (3 months)$660.00
Prepaid interest, first (5 days)$248.81
Prepaid interest, second (5 days)$123.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 4.875%
Interest already paid$103,618Through Dec 2026
Assumption only · ends Jul 2051$267,493
Assumption + second · ends Jul 2051, second Jan 2057$452,989
New conventional · ends Jan 2057$710,004