Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,760/mo
Lowest payment- Down payment
- $169,342
- Funds due
- $184,586
- Interest + MI left
- $137,972
- First ends
- Jan 2051
Assumption
Assumption + second
$3,604/mo
+$844/mo- Down payment
- $54,342
- Funds due
- $70,861
- Interest + MI left
- $326,750
- First ends
- Jan 2051
New loan
New conventional
$4,447/mo
+$1,687/mo- Down payment
- $54,342
- Funds due
- $66,491
- Interest + MI left
- $728,854
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $365,658 | $365,658 | $480,658 |
| Second mortgage | — | $115,000 | — |
| First P&I | $1,736.65 | $1,736.65 | $3,327.98 |
| Second P&I | — | $843.83 | — |
| Mortgage insurance | — | — | $96.13 |
| Taxes, insurance & HOA | $1,023.17 | $1,023.17 | $1,023.17 |
| Total housing payment | $2,759.82 | $3,603.65 | $4,447.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,342
Closing costs & prepaids$16,519
Usable credit−$0
Total buyer cash needed$70,861
Earnest money paid−$0
Remaining funds due$70,861
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,828.29
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)$1,691.50
Initial HOA (3 months)$878.01
Prepaid interest, first (1 days)$28.05
Prepaid interest, second (1 days)$25.21
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 2 moOf the original 30-year loan at 2.800%
Interest already paid$64,572Through Nov 2026
Assumption only · ends Jan 2051$137,972
Assumption + second · ends Jan 2051, second Dec 2056$326,750
New conventional · ends Dec 2056$728,854