Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,479/mo
Lowest payment- Down payment
- $208,474
- Funds due
- $219,863
- Interest + MI left
- $102,104
- First ends
- Jun 2051
Assumption
Assumption + second
$2,682/mo
+$1,203/mo- Down payment
- $44,474
- Funds due
- $57,149
- Interest + MI left
- $371,319
- First ends
- Jun 2051
New loan
New conventional
$3,165/mo
+$1,687/mo- Down payment
- $44,474
- Funds due
- $53,527
- Interest + MI left
- $599,763
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $231,526 | $231,526 | $395,526 |
| Second mortgage | — | $164,000 | — |
| First P&I | $1,130.95 | $1,130.95 | $2,738.54 |
| Second P&I | — | $1,203.37 | — |
| Mortgage insurance | — | — | $79.11 |
| Taxes, insurance & HOA | $347.67 | $347.67 | $347.67 |
| Total housing payment | $1,478.62 | $2,681.99 | $3,165.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,474
Closing costs & prepaids$12,675
Usable credit−$0
Total buyer cash needed$57,149
Earnest money paid−$0
Remaining funds due$57,149
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,400.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,157.63
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)$413.00
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$20.11
Prepaid interest, second (1 days)$35.95
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 7 moOf the original 30-year loan at 3.170%
Interest already paid$42,532Through Nov 2026
Assumption only · ends Jun 2051$102,104
Assumption + second · ends Jun 2051, second Dec 2056$371,319
New conventional · ends Dec 2056$599,763