Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,532/mo
Lowest payment- Down payment
- $202,399
- Funds due
- $213,891
- Interest + MI left
- $109,532
- First ends
- Jun 2051
Assumption
Assumption + second
$2,684/mo
+$1,152/mo- Down payment
- $45,399
- Funds due
- $58,176
- Interest + MI left
- $367,255
- First ends
- Jun 2051
New loan
New conventional
$3,204/mo
+$1,671/mo- Down payment
- $45,399
- Funds due
- $54,467
- Interest + MI left
- $613,453
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $247,501 | $247,501 | $404,501 |
| Second mortgage | — | $157,000 | — |
| First P&I | $1,210.28 | $1,210.28 | $2,800.68 |
| Second P&I | — | $1,152.01 | — |
| Mortgage insurance | — | — | $80.90 |
| Taxes, insurance & HOA | $322.00 | $322.00 | $322.00 |
| Total housing payment | $1,532.28 | $2,684.29 | $3,203.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,399
Closing costs & prepaids$12,776
Usable credit−$0
Total buyer cash needed$58,176
Earnest money paid−$0
Remaining funds due$58,176
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,237.50
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)$312.00
Initial HOA (3 months)$204.00
Prepaid interest, first (1 days)$21.56
Prepaid interest, second (1 days)$34.41
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 7 moOf the original 30-year loan at 3.180%
Interest already paid$45,605Through Nov 2026
Assumption only · ends Jun 2051$109,532
Assumption + second · ends Jun 2051, second Dec 2056$367,255
New conventional · ends Dec 2056$613,453