Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,002/mo
Lowest payment- Down payment
- $116,820
- Funds due
- $132,662
- Interest + MI left
- $207,099
- First ends
- Dec 2051
Assumption
Assumption + second
$3,412/mo
+$410/mo- Down payment
- $65,820
- Funds due
- $82,937
- Interest + MI left
- $303,828
- First ends
- Dec 2051
New loan
New conventional
$4,704/mo
+$1,702/mo- Down payment
- $65,820
- Funds due
- $77,701
- Interest + MI left
- $885,831
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $533,180 | $533,180 | $584,180 |
| Second mortgage | — | $51,000 | — |
| First P&I | $2,459.40 | $2,459.40 | $4,044.74 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | — | — | $116.84 |
| Taxes, insurance & HOA | $542.33 | $542.33 | $542.33 |
| Total housing payment | $3,001.73 | $3,412.09 | $4,703.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,820
Closing costs & prepaids$17,117
Usable credit−$0
Total buyer cash needed$82,937
Earnest money paid−$0
Remaining funds due$82,937
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,665.90
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)$773.00
Initial HOA (3 months)$354.00
Prepaid interest, first (2 days)$80.93
Prepaid interest, second (2 days)$25.15
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 closing25 yr 1 moOf the original 30-year loan at 2.770%
Interest already paid$77,407Through Nov 2026
Assumption only · ends Dec 2051$207,099
Assumption + second · ends Dec 2051, second Dec 2056$303,828
New conventional · ends Dec 2056$885,831