Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,734/mo
Lowest payment- Down payment
- $195,085
- Funds due
- $207,299
- Interest + MI left
- $92,365
- First ends
- Mar 2051
Assumption
Assumption + second
$2,835/mo
+$1,101/mo- Down payment
- $45,085
- Funds due
- $58,615
- Interest + MI left
- $338,598
- First ends
- Mar 2051
New loan
New conventional
$3,429/mo
+$1,695/mo- Down payment
- $45,085
- Funds due
- $54,908
- Interest + MI left
- $614,081
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,915 | $254,915 | $404,915 |
| Second mortgage | — | $150,000 | — |
| First P&I | $1,189.32 | $1,189.32 | $2,803.55 |
| Second P&I | — | $1,100.65 | — |
| Mortgage insurance | — | — | $80.98 |
| Taxes, insurance & HOA | $544.83 | $544.83 | $544.83 |
| Total housing payment | $1,734.15 | $2,834.80 | $3,429.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,085
Closing costs & prepaids$13,530
Usable credit−$0
Total buyer cash needed$58,615
Earnest money paid−$0
Remaining funds due$58,615
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,274.58
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$692.50
Initial HOA (3 months)$492.00
Prepaid interest, first (2 days)$37.43
Prepaid interest, second (2 days)$65.75
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 closing24 yr 4 moOf the original 30-year loan at 2.680%
Interest already paid$41,799Through Nov 2026
Assumption only · ends Mar 2051$92,365
Assumption + second · ends Mar 2051, second Dec 2056$338,598
New conventional · ends Dec 2056$614,081