Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,623/mo
Lowest payment- Down payment
- $214,692
- Funds due
- $226,910
- Interest + MI left
- $106,391
- First ends
- Sep 2051
Assumption
Assumption + second
$2,849/mo
+$1,225/mo- Down payment
- $47,692
- Funds due
- $61,197
- Interest + MI left
- $380,530
- First ends
- Sep 2051
New loan
New conventional
$3,437/mo
+$1,814/mo- Down payment
- $47,692
- Funds due
- $57,405
- Interest + MI left
- $648,041
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $260,308 | $260,308 | $427,308 |
| Second mortgage | — | $167,000 | — |
| First P&I | $1,230.53 | $1,230.53 | $2,958.59 |
| Second P&I | — | $1,225.39 | — |
| Mortgage insurance | — | — | $85.46 |
| Taxes, insurance & HOA | $392.67 | $392.67 | $392.67 |
| Total housing payment | $1,623.20 | $2,848.59 | $3,436.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,692
Closing costs & prepaids$13,505
Usable credit−$0
Total buyer cash needed$61,197
Earnest money paid−$0
Remaining funds due$61,197
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,301.54
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)$342.00
Initial HOA (3 months)$336.00
Prepaid interest, first (1 days)$20.90
Prepaid interest, second (1 days)$36.60
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 2.930%
Interest already paid$42,101Through Nov 2026
Assumption only · ends Sep 2051$106,391
Assumption + second · ends Sep 2051, second Dec 2056$380,530
New conventional · ends Dec 2056$648,041