Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,681/mo
Lowest payment- Down payment
- $220,529
- Funds due
- $232,938
- Interest + MI left
- $105,181
- First ends
- Jul 2051
Assumption
Assumption + second
$2,951/mo
+$1,269/mo- Down payment
- $47,529
- Funds due
- $61,226
- Interest + MI left
- $389,169
- First ends
- Jul 2051
New loan
New conventional
$3,511/mo
+$1,830/mo- Down payment
- $47,529
- Funds due
- $57,464
- Interest + MI left
- $648,273
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,461 | $254,461 | $427,461 |
| Second mortgage | — | $173,000 | — |
| First P&I | $1,215.01 | $1,215.01 | $2,959.65 |
| Second P&I | — | $1,269.41 | — |
| Mortgage insurance | — | — | $85.49 |
| Taxes, insurance & HOA | $466.08 | $466.08 | $466.08 |
| Total housing payment | $1,681.09 | $2,950.50 | $3,511.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,529
Closing costs & prepaids$13,697
Usable credit−$0
Total buyer cash needed$61,226
Earnest money paid−$0
Remaining funds due$61,226
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,749.90
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,272.30
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)$583.25
Initial HOA (3 months)$315.00
Prepaid interest, first (1 days)$20.78
Prepaid interest, second (1 days)$37.92
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 8 moOf the original 30-year loan at 2.980%
Interest already paid$43,296Through Nov 2026
Assumption only · ends Jul 2051$105,181
Assumption + second · ends Jul 2051, second Dec 2056$389,169
New conventional · ends Dec 2056$648,273