Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,097/mo
Lowest payment- Down payment
- $212,112
- Funds due
- $225,748
- Interest + MI left
- $128,438
- First ends
- Aug 2051
Assumption
Assumption + second
$3,264/mo
+$1,167/mo- Down payment
- $53,112
- Funds due
- $68,033
- Interest + MI left
- $389,445
- First ends
- Aug 2051
New loan
New conventional
$3,969/mo
+$1,872/mo- Down payment
- $53,112
- Funds due
- $63,934
- Interest + MI left
- $714,039
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $311,888 | $311,888 | $470,888 |
| Second mortgage | — | $159,000 | — |
| First P&I | $1,482.58 | $1,482.58 | $3,260.33 |
| Second P&I | — | $1,166.69 | — |
| Mortgage insurance | — | — | $94.18 |
| Taxes, insurance & HOA | $614.33 | $614.33 | $614.33 |
| Total housing payment | $2,096.91 | $3,263.60 | $3,968.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,112
Closing costs & prepaids$14,921
Usable credit−$0
Total buyer cash needed$68,033
Earnest money paid−$0
Remaining funds due$68,033
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,240.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,559.44
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)$632.00
Initial HOA (3 months)$711.00
Prepaid interest, first (1 days)$25.29
Prepaid interest, second (1 days)$34.85
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 9 moOf the original 30-year loan at 2.960%
Interest already paid$51,832Through Nov 2026
Assumption only · ends Aug 2051$128,438
Assumption + second · ends Aug 2051, second Dec 2056$389,445
New conventional · ends Dec 2056$714,039