Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,933/mo
Lowest payment- Down payment
- $334,081
- Funds due
- $348,511
- Interest + MI left
- $127,660
- First ends
- Sep 2051
Assumption
Assumption + second
$3,860/mo
+$1,927/mo- Down payment
- $65,081
- Funds due
- $80,876
- Interest + MI left
- $552,434
- First ends
- Sep 2051
New loan
New conventional
$4,611/mo
+$2,678/mo- Down payment
- $65,081
- Funds due
- $76,675
- Interest + MI left
- $887,069
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $315,919 | $315,919 | $584,919 |
| Second mortgage | — | $269,000 | — |
| First P&I | $1,488.52 | $1,488.52 | $4,049.86 |
| Second P&I | — | $1,927.15 | — |
| Mortgage insurance | — | — | $116.98 |
| Taxes, insurance & HOA | $444.25 | $444.25 | $444.25 |
| Total housing payment | $1,932.77 | $3,859.92 | $4,611.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,081
Closing costs & prepaids$15,795
Usable credit−$0
Total buyer cash needed$80,876
Earnest money paid−$0
Remaining funds due$80,876
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,579.60
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)$343.75
Initial HOA (3 months)$489.00
Prepaid interest, first (2 days)$50.20
Prepaid interest, second (2 days)$114.23
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 10 moOf the original 30-year loan at 2.900%
Interest already paid$50,588Through Nov 2026
Assumption only · ends Sep 2051$127,660
Assumption + second · ends Sep 2051, second Dec 2056$552,434
New conventional · ends Dec 2056$887,069