Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,095/mo
Lowest payment- Down payment
- $331,703
- Funds due
- $350,283
- Interest + MI left
- $219,813
- First ends
- Oct 2051
Assumption
Assumption + second
$4,857/mo
+$1,762/mo- Down payment
- $85,703
- Funds due
- $105,585
- Interest + MI left
- $608,268
- First ends
- Oct 2051
New loan
New conventional
$6,070/mo
+$2,976/mo- Down payment
- $85,703
- Funds due
- $100,154
- Interest + MI left
- $1,158,956
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $518,197 | $518,197 | $764,197 |
| Second mortgage | — | $246,000 | — |
| First P&I | $2,468.26 | $2,468.26 | $5,291.15 |
| Second P&I | — | $1,762.37 | — |
| Mortgage insurance | — | — | $152.84 |
| Taxes, insurance & HOA | $626.33 | $626.33 | $626.33 |
| Total housing payment | $3,094.59 | $4,856.97 | $6,070.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,703
Closing costs & prepaids$19,882
Usable credit−$0
Total buyer cash needed$105,585
Earnest money paid−$0
Remaining funds due$105,585
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,499.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,590.98
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,139.00
Initial HOA (3 months)$90.00
Prepaid interest, first (1 days)$42.88
Prepaid interest, second (1 days)$52.23
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 3.020%
Interest already paid$84,811Through Nov 2026
Assumption only · ends Oct 2051$219,813
Assumption + second · ends Oct 2051, second Dec 2056$608,268
New conventional · ends Dec 2056$1,158,956