Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,204/mo
Lowest payment- Down payment
- $214,817
- Funds due
- $232,860
- Interest + MI left
- $225,184
- First ends
- Nov 2051
Assumption
Assumption + second
$4,188/mo
+$983/mo- Down payment
- $80,817
- Funds due
- $100,140
- Interest + MI left
- $445,152
- First ends
- Nov 2051
New loan
New conventional
$5,623/mo
+$2,418/mo- Down payment
- $80,817
- Funds due
- $94,439
- Interest + MI left
- $1,089,029
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $584,183 | $584,183 | $718,183 |
| Second mortgage | — | $134,000 | — |
| First P&I | $2,697.89 | $2,697.89 | $4,972.55 |
| Second P&I | — | $983.24 | — |
| Mortgage insurance | — | — | $143.64 |
| Taxes, insurance & HOA | $506.58 | $506.58 | $506.58 |
| Total housing payment | $3,204.47 | $4,187.71 | $5,622.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,817
Closing costs & prepaids$19,322
Usable credit−$0
Total buyer cash needed$100,140
Earnest money paid−$0
Remaining funds due$100,140
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,990.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,920.91
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$826.00
Initial HOA (3 months)$43.74
Prepaid interest, first (1 days)$44.17
Prepaid interest, second (1 days)$29.37
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 yrOf the original 30-year loan at 2.760%
Interest already paid$86,056Through Nov 2026
Assumption only · ends Nov 2051$225,184
Assumption + second · ends Nov 2051, second Dec 2056$445,152
New conventional · ends Dec 2056$1,089,029