Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,603/mo
Lowest payment- Down payment
- $268,664
- Funds due
- $281,422
- Interest + MI left
- $104,339
- First ends
- Dec 2051
Assumption
Assumption + second
$3,143/mo
+$1,540/mo- Down payment
- $53,664
- Funds due
- $67,718
- Interest + MI left
- $443,842
- First ends
- Dec 2051
New loan
New conventional
$3,781/mo
+$2,178/mo- Down payment
- $53,664
- Funds due
- $63,862
- Interest + MI left
- $722,300
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,336 | $261,336 | $476,336 |
| Second mortgage | — | $215,000 | — |
| First P&I | $1,214.87 | $1,214.87 | $3,298.05 |
| Second P&I | — | $1,540.29 | — |
| Mortgage insurance | — | — | $95.27 |
| Taxes, insurance & HOA | $387.84 | $387.84 | $387.84 |
| Total housing payment | $1,602.71 | $3,142.99 | $3,781.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,664
Closing costs & prepaids$14,054
Usable credit−$0
Total buyer cash needed$67,718
Earnest money paid−$0
Remaining funds due$67,718
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,300.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,306.68
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)$481.50
Initial HOA (3 months)$182.01
Prepaid interest, first (1 days)$20.33
Prepaid interest, second (1 days)$45.65
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 closing25 yr 1 moOf the original 30-year loan at 2.840%
Interest already paid$38,874Through Nov 2026
Assumption only · ends Dec 2051$104,339
Assumption + second · ends Dec 2051, second Dec 2056$443,842
New conventional · ends Dec 2056$722,300