Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,868/mo
Lowest payment- Down payment
- $247,913
- Funds due
- $261,202
- Interest + MI left
- $123,530
- First ends
- Jul 2051
Assumption
Assumption + second
$3,285/mo
+$1,416/mo- Down payment
- $54,913
- Funds due
- $69,495
- Interest + MI left
- $440,350
- First ends
- Jul 2051
New loan
New conventional
$3,954/mo
+$2,085/mo- Down payment
- $54,913
- Funds due
- $65,431
- Interest + MI left
- $749,316
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $301,087 | $301,087 | $494,087 |
| Second mortgage | — | $193,000 | — |
| First P&I | $1,434.52 | $1,434.52 | $3,420.96 |
| Second P&I | — | $1,416.17 | — |
| Mortgage insurance | — | — | $98.82 |
| Taxes, insurance & HOA | $433.83 | $433.83 | $433.83 |
| Total housing payment | $1,868.35 | $3,284.52 | $3,953.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,913
Closing costs & prepaids$14,582
Usable credit−$0
Total buyer cash needed$69,495
Earnest money paid−$0
Remaining funds due$69,495
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,490.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,505.44
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)$471.50
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$24.42
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 8 moOf the original 30-year loan at 2.960%
Interest already paid$50,896Through Nov 2026
Assumption only · ends Jul 2051$123,530
Assumption + second · ends Jul 2051, second Dec 2056$440,350
New conventional · ends Dec 2056$749,316