Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,539/mo
Lowest payment- Down payment
- $306,364
- Funds due
- $319,295
- Interest + MI left
- $92,245
- First ends
- Apr 2051
Assumption
Assumption + second
$3,330/mo
+$1,791/mo- Down payment
- $56,364
- Funds due
- $70,598
- Interest + MI left
- $487,016
- First ends
- Apr 2051
New loan
New conventional
$3,947/mo
+$2,407/mo- Down payment
- $56,364
- Funds due
- $66,754
- Interest + MI left
- $763,798
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $253,636 | $253,636 | $503,636 |
| Second mortgage | — | $250,000 | — |
| First P&I | $1,180.48 | $1,180.48 | $3,487.07 |
| Second P&I | — | $1,791.03 | — |
| Mortgage insurance | — | — | $100.73 |
| Taxes, insurance & HOA | $358.75 | $358.75 | $358.75 |
| Total housing payment | $1,539.23 | $3,330.26 | $3,946.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,364
Closing costs & prepaids$14,234
Usable credit−$0
Total buyer cash needed$70,598
Earnest money paid−$0
Remaining funds due$70,598
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,600.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,268.18
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)$426.25
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$18.62
Prepaid interest, second (1 days)$53.08
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 5 moOf the original 30-year loan at 2.680%
Interest already paid$40,922Through Nov 2026
Assumption only · ends Apr 2051$92,245
Assumption + second · ends Apr 2051, second Dec 2056$487,016
New conventional · ends Dec 2056$763,798