Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,280/mo
Lowest payment- Down payment
- $226,266
- Funds due
- $240,601
- Interest + MI left
- $155,612
- First ends
- Dec 2051
Assumption
Assumption + second
$3,513/mo
+$1,233/mo- Down payment
- $58,266
- Funds due
- $73,925
- Interest + MI left
- $431,392
- First ends
- Dec 2051
New loan
New conventional
$4,286/mo
+$2,006/mo- Down payment
- $58,266
- Funds due
- $69,631
- Interest + MI left
- $783,559
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $348,734 | $348,734 | $516,734 |
| Second mortgage | — | $168,000 | — |
| First P&I | $1,675.57 | $1,675.57 | $3,577.76 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | — | — | $103.35 |
| Taxes, insurance & HOA | $604.50 | $604.50 | $604.50 |
| Total housing payment | $2,280.07 | $3,512.79 | $4,285.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,266
Closing costs & prepaids$15,659
Usable credit−$0
Total buyer cash needed$73,925
Earnest money paid−$0
Remaining funds due$73,925
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,743.67
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)$875.50
Initial HOA (3 months)$438.00
Prepaid interest, first (2 days)$60.00
Prepaid interest, second (2 days)$73.64
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 3.140%
Interest already paid$57,192Through Nov 2026
Assumption only · ends Dec 2051$155,612
Assumption + second · ends Dec 2051, second Dec 2056$431,392
New conventional · ends Dec 2056$783,559