Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,518/mo
Lowest payment- Down payment
- $411,585
- Funds due
- $425,427
- Interest + MI left
- $83,623
- First ends
- Feb 2051
Assumption
Assumption + second
$4,012/mo
+$2,493/mo- Down payment
- $63,585
- Funds due
- $78,751
- Interest + MI left
- $633,144
- First ends
- Feb 2051
New loan
New conventional
$4,534/mo
+$3,016/mo- Down payment
- $63,585
- Funds due
- $74,980
- Interest + MI left
- $866,589
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,415 | $223,415 | $571,415 |
| Second mortgage | — | $348,000 | — |
| First P&I | $1,055.11 | $1,055.11 | $3,956.36 |
| Second P&I | — | $2,493.11 | — |
| Mortgage insurance | — | — | $114.28 |
| Taxes, insurance & HOA | $463.33 | $463.33 | $463.33 |
| Total housing payment | $1,518.44 | $4,011.56 | $4,533.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,585
Closing costs & prepaids$15,166
Usable credit−$0
Total buyer cash needed$78,751
Earnest money paid−$0
Remaining funds due$78,751
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,350.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,117.07
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)$793.00
Initial HOA (3 months)$96.99
Prepaid interest, first (1 days)$16.96
Prepaid interest, second (1 days)$73.89
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 3 moOf the original 30-year loan at 2.770%
Interest already paid$38,434Through Nov 2026
Assumption only · ends Feb 2051$83,623
Assumption + second · ends Feb 2051, second Dec 2056$633,144
New conventional · ends Dec 2056$866,589