Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,747/mo
Lowest payment- Down payment
- $138,395
- Funds due
- $153,306
- Interest + MI left
- $187,542
- First ends
- Jul 2051
Assumption
Assumption + second
$3,391/mo
+$644/mo- Down payment
- $58,395
- Funds due
- $74,596
- Interest + MI left
- $339,274
- First ends
- Jul 2051
New loan
New conventional
$4,334/mo
+$1,587/mo- Down payment
- $58,395
- Funds due
- $69,863
- Interest + MI left
- $789,533
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $440,605 | $440,605 | $520,605 |
| Second mortgage | — | $80,000 | — |
| First P&I | $2,122.12 | $2,122.12 | $3,604.56 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | — | — | $104.12 |
| Taxes, insurance & HOA | $625.33 | $625.33 | $625.33 |
| Total housing payment | $2,747.45 | $3,391.15 | $4,334.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,395
Closing costs & prepaids$16,200
Usable credit−$0
Total buyer cash needed$74,596
Earnest money paid−$0
Remaining funds due$74,596
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,790.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,203.02
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)$986.00
Initial HOA (3 months)$390.00
Prepaid interest, first (2 days)$73.88
Prepaid interest, second (2 days)$39.45
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 8 moOf the original 30-year loan at 3.060%
Interest already paid$76,918Through Nov 2026
Assumption only · ends Jul 2051$187,542
Assumption + second · ends Jul 2051, second Dec 2056$339,274
New conventional · ends Dec 2056$789,533