Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,033/mo
Lowest payment- Down payment
- $95,413
- Funds due
- $110,243
- Interest + MI left
- $224,671
- First ends
- Mar 2051
Assumption
Assumption + second
$3,371/mo
+$338/mo- Down payment
- $53,413
- Funds due
- $69,514
- Interest + MI left
- $304,330
- First ends
- Mar 2051
New loan
New conventional
$4,152/mo
+$1,119/mo- Down payment
- $53,413
- Funds due
- $64,872
- Interest + MI left
- $715,099
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $429,587 | $429,587 | $471,587 |
| Second mortgage | — | $42,000 | — |
| First P&I | $2,240.61 | $2,240.61 | $3,265.17 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | — | — | $94.32 |
| Taxes, insurance & HOA | $792.17 | $792.17 | $792.17 |
| Total housing payment | $3,032.78 | $3,370.72 | $4,151.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,413
Closing costs & prepaids$16,101
Usable credit−$0
Total buyer cash needed$69,514
Earnest money paid−$0
Remaining funds due$69,514
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,147.94
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)$1,696.50
Initial HOA (3 months)$180.00
Prepaid interest, first (2 days)$87.80
Prepaid interest, second (2 days)$20.71
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 4 moOf the original 30-year loan at 3.730%
Interest already paid$96,949Through Nov 2026
Assumption only · ends Mar 2051$224,671
Assumption + second · ends Mar 2051, second Dec 2056$304,330
New conventional · ends Dec 2056$715,099