Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,073/mo
Lowest payment- Down payment
- $209,876
- Funds due
- $223,496
- Interest + MI left
- $132,834
- First ends
- Oct 2051
Assumption
Assumption + second
$3,211/mo
+$1,137/mo- Down payment
- $54,876
- Funds due
- $69,780
- Interest + MI left
- $387,275
- First ends
- Oct 2051
New loan
New conventional
$3,981/mo
+$1,907/mo- Down payment
- $54,876
- Funds due
- $65,576
- Interest + MI left
- $735,475
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $330,024 | $330,024 | $485,024 |
| Second mortgage | — | $155,000 | — |
| First P&I | $1,548.02 | $1,548.02 | $3,358.21 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | — | — | $97.00 |
| Taxes, insurance & HOA | $525.42 | $525.42 | $525.42 |
| Total housing payment | $2,073.44 | $3,210.77 | $3,980.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,876
Closing costs & prepaids$14,903
Usable credit−$0
Total buyer cash needed$69,780
Earnest money paid−$0
Remaining funds due$69,780
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,650.12
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)$638.25
Initial HOA (3 months)$438.00
Prepaid interest, first (1 days)$26.04
Prepaid interest, second (1 days)$33.97
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 2.880%
Interest already paid$51,580Through Nov 2026
Assumption only · ends Oct 2051$132,834
Assumption + second · ends Oct 2051, second Dec 2056$387,275
New conventional · ends Dec 2056$735,475