Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,883/mo
Lowest payment- Down payment
- $94,836
- Funds due
- $109,935
- Interest + MI left
- $194,490
- First ends
- Oct 2051
Assumption
Assumption + second
$3,173/mo
+$290/mo- Down payment
- $58,836
- Funds due
- $75,202
- Interest + MI left
- $262,769
- First ends
- Oct 2051
New loan
New conventional
$4,322/mo
+$1,439/mo- Down payment
- $58,836
- Funds due
- $70,263
- Interest + MI left
- $790,124
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $485,064 | $485,064 | $521,064 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,272.76 | $2,272.76 | $3,607.74 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | — | — | $104.21 |
| Taxes, insurance & HOA | $610.17 | $610.17 | $610.17 |
| Total housing payment | $2,882.92 | $3,172.59 | $4,322.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,836
Closing costs & prepaids$16,367
Usable credit−$0
Total buyer cash needed$75,202
Earnest money paid−$0
Remaining funds due$75,202
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,799.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,425.32
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)$1,054.50
Initial HOA (3 months)$276.00
Prepaid interest, first (2 days)$76.28
Prepaid interest, second (2 days)$17.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 2.870%
Interest already paid$75,556Through Nov 2026
Assumption only · ends Oct 2051$194,490
Assumption + second · ends Oct 2051, second Dec 2056$262,769
New conventional · ends Dec 2056$790,124