Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,291/mo
Lowest payment- Down payment
- $257,141
- Funds due
- $271,940
- Interest + MI left
- $151,505
- First ends
- Oct 2051
Assumption
Assumption + second
$3,707/mo
+$1,416/mo- Down payment
- $64,141
- Funds due
- $80,232
- Interest + MI left
- $468,325
- First ends
- Oct 2051
New loan
New conventional
$4,587/mo
+$2,296/mo- Down payment
- $64,141
- Funds due
- $75,703
- Interest + MI left
- $865,632
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $377,859 | $377,859 | $570,859 |
| Second mortgage | — | $193,000 | — |
| First P&I | $1,770.45 | $1,770.45 | $3,952.51 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | — | — | $114.17 |
| Taxes, insurance & HOA | $520.75 | $520.75 | $520.75 |
| Total housing payment | $2,291.20 | $3,707.37 | $4,587.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,141
Closing costs & prepaids$16,092
Usable credit−$0
Total buyer cash needed$80,232
Earnest money paid−$0
Remaining funds due$80,232
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,889.30
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)$862.25
Initial HOA (3 months)$200.01
Prepaid interest, first (1 days)$29.71
Prepaid interest, second (1 days)$42.30
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 11 moOf the original 30-year loan at 2.870%
Interest already paid$58,857Through Nov 2026
Assumption only · ends Oct 2051$151,505
Assumption + second · ends Oct 2051, second Dec 2056$468,325
New conventional · ends Dec 2056$865,632