Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,109/mo
Lowest payment- Down payment
- $184,975
- Funds due
- $198,291
- Interest + MI left
- $150,027
- First ends
- Jun 2051
Assumption
Assumption + second
$3,070/mo
+$961/mo- Down payment
- $53,975
- Funds due
- $68,570
- Interest + MI left
- $365,070
- First ends
- Jun 2051
New loan
New conventional
$3,822/mo
+$1,713/mo- Down payment
- $53,975
- Funds due
- $64,300
- Interest + MI left
- $721,829
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $345,025 | $345,025 | $476,025 |
| Second mortgage | — | $131,000 | — |
| First P&I | $1,678.14 | $1,678.14 | $3,295.90 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | — | — | $95.21 |
| Taxes, insurance & HOA | $431.08 | $431.08 | $431.08 |
| Total housing payment | $2,109.23 | $3,070.46 | $3,822.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,975
Closing costs & prepaids$14,595
Usable credit−$0
Total buyer cash needed$68,570
Earnest money paid−$0
Remaining funds due$68,570
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,725.13
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)$415.25
Initial HOA (3 months)$378.00
Prepaid interest, first (1 days)$29.59
Prepaid interest, second (1 days)$28.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.130%
Interest already paid$62,607Through Nov 2026
Assumption only · ends Jun 2051$150,027
Assumption + second · ends Jun 2051, second Dec 2056$365,070
New conventional · ends Dec 2056$721,829