Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,650/mo
Lowest payment- Down payment
- $308,452
- Funds due
- $321,142
- Interest + MI left
- $84,503
- First ends
- Sep 2051
Assumption
Assumption + second
$3,434/mo
+$1,784/mo- Down payment
- $59,452
- Funds due
- $73,444
- Interest + MI left
- $477,695
- First ends
- Sep 2051
New loan
New conventional
$4,178/mo
+$2,528/mo- Down payment
- $59,452
- Funds due
- $69,437
- Interest + MI left
- $804,612
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,548 | $281,548 | $530,548 |
| Second mortgage | — | $249,000 | — |
| First P&I | $1,251.21 | $1,251.21 | $3,673.41 |
| Second P&I | — | $1,783.87 | — |
| Mortgage insurance | — | — | $106.11 |
| Taxes, insurance & HOA | $398.83 | $398.83 | $398.83 |
| Total housing payment | $1,650.05 | $3,433.91 | $4,178.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,452
Closing costs & prepaids$13,992
Usable credit−$0
Total buyer cash needed$73,444
Earnest money paid−$0
Remaining funds due$73,444
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,900.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,407.74
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,200.00
Insurance escrow (3 months)$300.00
Property tax escrow (3 months)$590.50
Initial HOA (3 months)$306.00
Prepaid interest, first (1 days)$17.36
Prepaid interest, second (1 days)$52.87
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 10 moOf the original 30-year loan at 2.250%
Interest already paid$35,705Through Nov 2026
Assumption only · ends Sep 2051$84,503
Assumption + second · ends Sep 2051, second Dec 2056$477,695
New conventional · ends Dec 2056$804,612