Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,940/mo
Lowest payment- Down payment
- $226,141
- Funds due
- $239,400
- Interest + MI left
- $134,050
- First ends
- Aug 2051
Assumption
Assumption + second
$3,202/mo
+$1,262/mo- Down payment
- $54,141
- Funds due
- $68,687
- Interest + MI left
- $416,397
- First ends
- Aug 2051
New loan
New conventional
$3,893/mo
+$1,953/mo- Down payment
- $54,141
- Funds due
- $64,569
- Interest + MI left
- $736,686
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $313,759 | $313,759 | $485,759 |
| Second mortgage | — | $172,000 | — |
| First P&I | $1,507.77 | $1,507.77 | $3,363.30 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | — | — | $97.15 |
| Taxes, insurance & HOA | $432.17 | $432.17 | $432.17 |
| Total housing payment | $1,939.94 | $3,202.01 | $3,892.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,141
Closing costs & prepaids$14,546
Usable credit−$0
Total buyer cash needed$68,687
Earnest money paid−$0
Remaining funds due$68,687
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%)$1,568.79
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)$766.50
Initial HOA (3 months)$30.00
Prepaid interest, first (1 days)$26.30
Prepaid interest, second (1 days)$37.70
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 9 moOf the original 30-year loan at 3.060%
Interest already paid$53,851Through Nov 2026
Assumption only · ends Aug 2051$134,050
Assumption + second · ends Aug 2051, second Dec 2056$416,397
New conventional · ends Dec 2056$736,686