Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,589/mo
Lowest payment- Down payment
- $222,912
- Funds due
- $235,230
- Interest + MI left
- $102,657
- First ends
- Sep 2051
Assumption
Assumption + second
$2,851/mo
+$1,262/mo- Down payment
- $50,912
- Funds due
- $64,518
- Interest + MI left
- $385,004
- First ends
- Sep 2051
New loan
New conventional
$3,514/mo
+$1,925/mo- Down payment
- $50,912
- Funds due
- $60,613
- Interest + MI left
- $680,982
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $277,088 | $277,088 | $449,088 |
| Second mortgage | — | $172,000 | — |
| First P&I | $1,274.31 | $1,274.31 | $3,109.39 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | — | — | $89.82 |
| Taxes, insurance & HOA | $314.67 | $314.67 | $314.67 |
| Total housing payment | $1,588.98 | $2,851.06 | $3,513.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,912
Closing costs & prepaids$13,605
Usable credit−$0
Total buyer cash needed$64,518
Earnest money paid−$0
Remaining funds due$64,518
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,385.44
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)$319.00
Initial HOA (3 months)$125.01
Prepaid interest, first (1 days)$20.35
Prepaid interest, second (1 days)$37.70
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 10 moOf the original 30-year loan at 2.680%
Interest already paid$41,095Through Nov 2026
Assumption only · ends Sep 2051$102,657
Assumption + second · ends Sep 2051, second Dec 2056$385,004
New conventional · ends Dec 2056$680,982