Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,748/mo
Lowest payment- Down payment
- $236,965
- Funds due
- $249,835
- Interest + MI left
- $101,902
- First ends
- Jul 2051
Assumption
Assumption + second
$3,113/mo
+$1,365/mo- Down payment
- $50,965
- Funds due
- $65,167
- Interest + MI left
- $407,231
- First ends
- Jul 2051
New loan
New conventional
$3,714/mo
+$1,966/mo- Down payment
- $50,965
- Funds due
- $61,359
- Interest + MI left
- $680,902
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $263,035 | $263,035 | $449,035 |
| Second mortgage | — | $186,000 | — |
| First P&I | $1,232.90 | $1,232.90 | $3,109.03 |
| Second P&I | — | $1,364.80 | — |
| Mortgage insurance | — | — | $89.81 |
| Taxes, insurance & HOA | $515.42 | $515.42 | $515.42 |
| Total housing payment | $1,748.31 | $3,113.12 | $3,714.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,965
Closing costs & prepaids$14,201
Usable credit−$0
Total buyer cash needed$65,167
Earnest money paid−$0
Remaining funds due$65,167
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%)$1,315.17
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)$620.25
Initial HOA (3 months)$426.00
Prepaid interest, first (2 days)$40.50
Prepaid interest, second (2 days)$81.53
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 2.810%
Interest already paid$42,276Through Nov 2026
Assumption only · ends Jul 2051$101,902
Assumption + second · ends Jul 2051, second Dec 2056$407,231
New conventional · ends Dec 2056$680,902