Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,858/mo
Lowest payment- Down payment
- $382,635
- Funds due
- $397,231
- Interest + MI left
- $111,578
- First ends
- Jan 2051
Assumption
Assumption + second
$4,114/mo
+$2,257/mo- Down payment
- $67,635
- Funds due
- $83,548
- Interest + MI left
- $608,989
- First ends
- Jan 2051
New loan
New conventional
$4,791/mo
+$2,933/mo- Down payment
- $67,635
- Funds due
- $79,401
- Interest + MI left
- $920,958
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,265 | $292,265 | $607,265 |
| Second mortgage | — | $315,000 | — |
| First P&I | $1,392.56 | $1,392.56 | $4,204.58 |
| Second P&I | — | $2,256.70 | — |
| Mortgage insurance | — | — | $121.45 |
| Taxes, insurance & HOA | $465.08 | $465.08 | $465.08 |
| Total housing payment | $1,857.64 | $4,114.34 | $4,791.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$67,635
Closing costs & prepaids$15,913
Usable credit−$0
Total buyer cash needed$83,548
Earnest money paid−$0
Remaining funds due$83,548
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,749.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,461.32
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)$781.25
Initial HOA (3 months)$114.00
Prepaid interest, first (1 days)$22.66
Prepaid interest, second (1 days)$66.88
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 2 moOf the original 30-year loan at 2.830%
Interest already paid$52,146Through Nov 2026
Assumption only · ends Jan 2051$111,578
Assumption + second · ends Jan 2051, second Dec 2056$608,989
New conventional · ends Dec 2056$920,958