Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,293/mo
Lowest payment- Down payment
- $284,701
- Funds due
- $296,342
- Interest + MI left
- $59,030
- First ends
- Apr 2051
Assumption
Assumption + second
$3,012/mo
+$1,719/mo- Down payment
- $44,701
- Funds due
- $57,642
- Interest + MI left
- $438,011
- First ends
- Apr 2051
New loan
New conventional
$3,378/mo
+$2,085/mo- Down payment
- $44,701
- Funds due
- $54,394
- Interest + MI left
- $599,418
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $155,299 | $155,299 | $395,299 |
| Second mortgage | — | $240,000 | — |
| First P&I | $731.50 | $731.50 | $2,736.97 |
| Second P&I | — | $1,719.39 | — |
| Mortgage insurance | — | — | $79.06 |
| Taxes, insurance & HOA | $561.50 | $561.50 | $561.50 |
| Total housing payment | $1,293.00 | $3,012.39 | $3,377.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,701
Closing costs & prepaids$12,942
Usable credit−$0
Total buyer cash needed$57,642
Earnest money paid−$0
Remaining funds due$57,642
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%)$776.50
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)$559.50
Initial HOA (3 months)$675.00
Prepaid interest, first (1 days)$11.87
Prepaid interest, second (1 days)$50.96
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 5 moOf the original 30-year loan at 2.790%
Interest already paid$26,053Through Nov 2026
Assumption only · ends Apr 2051$59,030
Assumption + second · ends Apr 2051, second Dec 2056$438,011
New conventional · ends Dec 2056$599,418