Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,760/mo
Lowest payment- Down payment
- $171,863
- Funds due
- $187,684
- Interest + MI left
- $187,033
- First ends
- Nov 2051
Assumption
Assumption + second
$3,538/mo
+$778/mo- Down payment
- $65,863
- Funds due
- $83,143
- Interest + MI left
- $361,038
- First ends
- Nov 2051
New loan
New conventional
$4,628/mo
+$1,867/mo- Down payment
- $65,863
- Funds due
- $78,528
- Interest + MI left
- $861,416
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $483,137 | $483,137 | $589,137 |
| Second mortgage | — | $106,000 | — |
| First P&I | $2,241.37 | $2,241.37 | $3,991.02 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | — | — | $117.83 |
| Taxes, insurance & HOA | $518.67 | $518.67 | $518.67 |
| Total housing payment | $2,760.04 | $3,537.83 | $4,627.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,863
Closing costs & prepaids$17,280
Usable credit−$0
Total buyer cash needed$83,143
Earnest money paid−$0
Remaining funds due$83,143
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,550.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,415.68
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)$786.00
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$331.18
Prepaid interest, second (9 days)$209.10
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 11 moOf the original 30-year loan at 2.78%
Interest already paid$72,960Through Dec 2026
Assumption only · ends Nov 2051$187,033
Assumption + second · ends Nov 2051, second Jan 2057$361,038
New conventional · ends Jan 2057$861,416