Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,648/mo
Lowest payment- Down payment
- $227,665
- Funds due
- $240,319
- Interest + MI left
- $82,760
- First ends
- Feb 2051
Assumption
Assumption + second
$2,947/mo
+$1,299/mo- Down payment
- $50,665
- Funds due
- $64,608
- Interest + MI left
- $373,315
- First ends
- Feb 2051
New loan
New conventional
$3,647/mo
+$1,999/mo- Down payment
- $50,665
- Funds due
- $60,708
- Interest + MI left
- $689,030
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $277,335 | $277,335 | $454,335 |
| Second mortgage | — | $177,000 | — |
| First P&I | $1,237.44 | $1,237.44 | $3,145.72 |
| Second P&I | — | $1,298.76 | — |
| Mortgage insurance | — | — | $90.87 |
| Taxes, insurance & HOA | $410.83 | $410.83 | $410.83 |
| Total housing payment | $1,648.27 | $2,947.04 | $3,647.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,665
Closing costs & prepaids$13,943
Usable credit−$0
Total buyer cash needed$64,608
Earnest money paid−$0
Remaining funds due$64,608
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,050.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,386.67
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)$498.50
Initial HOA (3 months)$234.00
Prepaid interest, first (1 days)$17.10
Prepaid interest, second (1 days)$38.79
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 2.250%
Interest already paid$38,989Through Nov 2026
Assumption only · ends Feb 2051$82,760
Assumption + second · ends Feb 2051, second Dec 2056$373,315
New conventional · ends Dec 2056$689,030