Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,664/mo
Lowest payment- Down payment
- $273,035
- Funds due
- $285,941
- Interest + MI left
- $90,026
- First ends
- Oct 2051
Assumption
Assumption + second
$3,261/mo
+$1,598/mo- Down payment
- $50,035
- Funds due
- $64,239
- Interest + MI left
- $442,161
- First ends
- Oct 2051
New loan
New conventional
$3,790/mo
+$2,126/mo- Down payment
- $50,035
- Funds due
- $60,611
- Interest + MI left
- $674,730
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,965 | $221,965 | $444,965 |
| Second mortgage | — | $223,000 | — |
| First P&I | $1,043.45 | $1,043.45 | $3,080.85 |
| Second P&I | — | $1,597.60 | — |
| Mortgage insurance | — | — | $88.99 |
| Taxes, insurance & HOA | $620.25 | $620.25 | $620.25 |
| Total housing payment | $1,663.70 | $3,261.30 | $3,790.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,035
Closing costs & prepaids$14,204
Usable credit−$0
Total buyer cash needed$64,239
Earnest money paid−$0
Remaining funds due$64,239
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,109.82
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)$565.75
Initial HOA (3 months)$795.00
Prepaid interest, first (1 days)$17.64
Prepaid interest, second (1 days)$47.35
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 2.900%
Interest already paid$34,925Through Nov 2026
Assumption only · ends Oct 2051$90,026
Assumption + second · ends Oct 2051, second Dec 2056$442,161
New conventional · ends Dec 2056$674,730