Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,643/mo
Lowest payment- Down payment
- $217,599
- Funds due
- $229,906
- Interest + MI left
- $113,666
- First ends
- Apr 2052
Assumption
Assumption + second
$2,891/mo
+$1,247/mo- Down payment
- $47,599
- Funds due
- $61,194
- Interest + MI left
- $392,730
- First ends
- Apr 2052
New loan
New conventional
$3,471/mo
+$1,828/mo- Down payment
- $47,599
- Funds due
- $57,415
- Interest + MI left
- $648,182
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $257,401 | $257,401 | $427,401 |
| Second mortgage | — | $170,000 | — |
| First P&I | $1,216.61 | $1,216.61 | $2,959.24 |
| Second P&I | — | $1,247.40 | — |
| Mortgage insurance | — | — | $85.48 |
| Taxes, insurance & HOA | $426.75 | $426.75 | $426.75 |
| Total housing payment | $1,643.36 | $2,890.76 | $3,471.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,599
Closing costs & prepaids$13,594
Usable credit−$0
Total buyer cash needed$61,194
Earnest money paid−$0
Remaining funds due$61,194
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,750.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,287.00
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)$482.25
Initial HOA (3 months)$297.99
Prepaid interest, first (1 days)$21.65
Prepaid interest, second (1 days)$37.26
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 5 moOf the original 30-year loan at 3.070%
Interest already paid$38,314Through Nov 2026
Assumption only · ends Apr 2052$113,666
Assumption + second · ends Apr 2052, second Dec 2056$392,730
New conventional · ends Dec 2056$648,182