Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,085/mo
Lowest payment- Down payment
- $175,338
- Funds due
- $191,765
- Interest + MI left
- $205,765
- First ends
- Aug 2051
Assumption
Assumption + second
$3,870/mo
+$785/mo- Down payment
- $68,338
- Funds due
- $86,062
- Interest + MI left
- $381,412
- First ends
- Aug 2051
New loan
New conventional
$5,032/mo
+$1,947/mo- Down payment
- $68,338
- Funds due
- $80,955
- Interest + MI left
- $919,922
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $499,662 | $499,662 | $606,662 |
| Second mortgage | — | $107,000 | — |
| First P&I | $2,375.18 | $2,375.18 | $4,200.41 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | — | — | $121.33 |
| Taxes, insurance & HOA | $709.92 | $709.92 | $709.92 |
| Total housing payment | $3,085.09 | $3,870.22 | $5,031.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,338
Closing costs & prepaids$17,724
Usable credit−$0
Total buyer cash needed$86,062
Earnest money paid−$0
Remaining funds due$86,062
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,498.31
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)$1,404.75
Initial HOA (3 months)$225.00
Prepaid interest, first (2 days)$81.04
Prepaid interest, second (2 days)$46.90
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 9 moOf the original 30-year loan at 2.960%
Interest already paid$83,038Through Nov 2026
Assumption only · ends Aug 2051$205,765
Assumption + second · ends Aug 2051, second Dec 2056$381,412
New conventional · ends Dec 2056$919,922