Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,576/mo
Lowest payment- Down payment
- $258,348
- Funds due
- $271,013
- Interest + MI left
- $99,147
- First ends
- Sep 2051
Assumption
Assumption + second
$3,037/mo
+$1,461/mo- Down payment
- $54,348
- Funds due
- $68,306
- Interest + MI left
- $421,280
- First ends
- Sep 2051
New loan
New conventional
$3,739/mo
+$2,163/mo- Down payment
- $54,348
- Funds due
- $64,371
- Interest + MI left
- $728,845
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $276,652 | $276,652 | $480,652 |
| Second mortgage | — | $204,000 | — |
| First P&I | $1,261.07 | $1,261.07 | $3,327.94 |
| Second P&I | — | $1,461.48 | — |
| Mortgage insurance | — | — | $96.13 |
| Taxes, insurance & HOA | $314.67 | $314.67 | $314.67 |
| Total housing payment | $1,575.74 | $3,037.22 | $3,738.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,348
Closing costs & prepaids$13,958
Usable credit−$0
Total buyer cash needed$68,306
Earnest money paid−$0
Remaining funds due$68,306
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,383.26
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)$319.00
Initial HOA (3 months)$125.01
Prepaid interest, first (1 days)$19.71
Prepaid interest, second (1 days)$43.32
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 2.600%
Interest already paid$39,838Through Nov 2026
Assumption only · ends Sep 2051$99,147
Assumption + second · ends Sep 2051, second Dec 2056$421,280
New conventional · ends Dec 2056$728,845