Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,637/mo
Lowest payment- Down payment
- $312,163
- Funds due
- $325,379
- Interest + MI left
- $104,508
- First ends
- Sep 2051
Assumption
Assumption + second
$3,464/mo
+$1,827/mo- Down payment
- $57,163
- Funds due
- $71,683
- Interest + MI left
- $507,174
- First ends
- Sep 2051
New loan
New conventional
$4,056/mo
+$2,419/mo- Down payment
- $57,163
- Funds due
- $67,833
- Interest + MI left
- $770,067
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $252,837 | $252,837 | $507,837 |
| Second mortgage | — | $255,000 | — |
| First P&I | $1,199.14 | $1,199.14 | $3,516.16 |
| Second P&I | — | $1,826.85 | — |
| Mortgage insurance | — | — | $101.57 |
| Taxes, insurance & HOA | $437.83 | $437.83 | $437.83 |
| Total housing payment | $1,636.98 | $3,463.83 | $4,055.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,163
Closing costs & prepaids$14,520
Usable credit−$0
Total buyer cash needed$71,683
Earnest money paid−$0
Remaining funds due$71,683
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,650.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,264.19
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)$558.50
Initial HOA (3 months)$255.00
Prepaid interest, first (1 days)$20.50
Prepaid interest, second (1 days)$54.14
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 2.960%
Interest already paid$41,299Through Nov 2026
Assumption only · ends Sep 2051$104,508
Assumption + second · ends Sep 2051, second Dec 2056$507,174
New conventional · ends Dec 2056$770,067