Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,611/mo
Lowest payment- Down payment
- $291,710
- Funds due
- $308,475
- Interest + MI left
- $163,283
- First ends
- Apr 2051
Assumption
Assumption + second
$4,173/mo
+$1,562/mo- Down payment
- $73,710
- Funds due
- $91,771
- Interest + MI left
- $507,524
- First ends
- Apr 2051
New loan
New conventional
$5,233/mo
+$2,622/mo- Down payment
- $73,710
- Funds due
- $86,854
- Interest + MI left
- $995,025
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $438,190 | $438,190 | $656,190 |
| Second mortgage | — | $218,000 | — |
| First P&I | $2,052.81 | $2,052.81 | $4,543.33 |
| Second P&I | — | $1,561.78 | — |
| Mortgage insurance | — | — | $131.24 |
| Taxes, insurance & HOA | $558.08 | $558.08 | $558.08 |
| Total housing payment | $2,610.89 | $4,172.67 | $5,232.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$73,710
Closing costs & prepaids$18,061
Usable credit−$0
Total buyer cash needed$91,771
Earnest money paid−$0
Remaining funds due$91,771
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,190.95
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$939.25
Initial HOA (3 months)$84.99
Prepaid interest, first (1 days)$32.89
Prepaid interest, second (1 days)$46.29
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 5 moOf the original 30-year loan at 2.740%
Interest already paid$72,233Through Nov 2026
Assumption only · ends Apr 2051$163,283
Assumption + second · ends Apr 2051, second Dec 2056$507,524
New conventional · ends Dec 2056$995,025