Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,973/mo
Lowest payment- Down payment
- $117,406
- Funds due
- $131,795
- Interest + MI left
- $267,493
- First ends
- Jul 2051
Assumption
Assumption + second
$3,520/mo
+$547/mo- Down payment
- $49,406
- Funds due
- $65,129
- Interest + MI left
- $396,465
- First ends
- Jul 2051
New loan
New conventional
$3,876/mo
+$903/mo- Down payment
- $49,406
- Funds due
- $60,830
- Interest + MI left
- $644,207
- 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 | $440,584 |
| Second mortgage | — | $68,000 | — |
| First P&I | $2,169.75 | $2,169.75 | $2,984.67 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | — | — | $88.12 |
| Taxes, insurance & HOA | $803.17 | $803.17 | $803.17 |
| Total housing payment | $2,972.92 | $3,520.06 | $3,875.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,406
Closing costs & prepaids$15,723
Usable credit−$0
Total buyer cash needed$65,129
Earnest money paid−$0
Remaining funds due$65,129
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,899.90
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)$1,249.50
Initial HOA (3 months)$660.00
Prepaid interest, first (5 days)$248.81
Prepaid interest, second (5 days)$83.84
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$396,465
New conventional · ends Jan 2057$644,207