Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,778/mo
Lowest payment- Down payment
- $110,428
- Funds due
- $125,352
- Interest + MI left
- $196,476
- First ends
- Dec 2051
Assumption
Assumption + second
$3,180/mo
+$402/mo- Down payment
- $60,428
- Funds due
- $76,614
- Interest + MI left
- $291,309
- First ends
- Dec 2051
New loan
New conventional
$4,323/mo
+$1,546/mo- Down payment
- $60,428
- Funds due
- $71,602
- Interest + MI left
- $810,607
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $484,572 | $484,572 | $534,572 |
| Second mortgage | — | $50,000 | — |
| First P&I | $2,262.62 | $2,262.62 | $3,701.27 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | — | — | $106.91 |
| Taxes, insurance & HOA | $515.00 | $515.00 | $515.00 |
| Total housing payment | $2,777.62 | $3,179.93 | $4,323.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,428
Closing costs & prepaids$16,186
Usable credit−$0
Total buyer cash needed$76,614
Earnest money paid−$0
Remaining funds due$76,614
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,422.86
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)$697.00
Initial HOA (3 months)$348.00
Prepaid interest, first (1 days)$38.23
Prepaid interest, second (1 days)$12.33
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 closing25 yr 1 moOf the original 30-year loan at 2.880%
Interest already paid$73,067Through Nov 2026
Assumption only · ends Dec 2051$196,476
Assumption + second · ends Dec 2051, second Dec 2056$291,309
New conventional · ends Dec 2056$810,607