Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,374/mo
Lowest payment- Down payment
- $177,247
- Funds due
- $191,289
- Interest + MI left
- $153,021
- First ends
- Jan 2051
Assumption
Assumption + second
$3,269/mo
+$895/mo- Down payment
- $55,247
- Funds due
- $70,566
- Interest + MI left
- $353,290
- First ends
- Jan 2051
New loan
New conventional
$4,082/mo
+$1,708/mo- Down payment
- $55,247
- Funds due
- $66,154
- Interest + MI left
- $748,810
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $371,753 | $371,753 | $493,753 |
| Second mortgage | — | $122,000 | — |
| First P&I | $1,809.57 | $1,809.57 | $3,418.65 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | — | — | $98.75 |
| Taxes, insurance & HOA | $564.67 | $564.67 | $564.67 |
| Total housing payment | $2,374.23 | $3,269.42 | $4,082.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,247
Closing costs & prepaids$15,318
Usable credit−$0
Total buyer cash needed$70,566
Earnest money paid−$0
Remaining funds due$70,566
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,858.76
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)$669.00
Initial HOA (3 months)$525.00
Prepaid interest, first (1 days)$30.86
Prepaid interest, second (1 days)$26.74
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 3.030%
Interest already paid$70,855Through Nov 2026
Assumption only · ends Jan 2051$153,021
Assumption + second · ends Jan 2051, second Dec 2056$353,290
New conventional · ends Dec 2056$748,810