Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,372/mo
Lowest payment- Down payment
- $299,362
- Funds due
- $314,808
- Interest + MI left
- $159,171
- First ends
- Jul 2051
Assumption
Assumption + second
$4,013/mo
+$1,641/mo- Down payment
- $70,362
- Funds due
- $87,106
- Interest + MI left
- $520,781
- First ends
- Jul 2051
New loan
New conventional
$4,966/mo
+$2,594/mo- Down payment
- $70,362
- Funds due
- $82,404
- Interest + MI left
- $954,888
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $400,638 | $400,638 | $629,638 |
| Second mortgage | — | $229,000 | — |
| First P&I | $1,891.25 | $1,891.25 | $4,359.49 |
| Second P&I | — | $1,640.58 | — |
| Mortgage insurance | — | — | $125.93 |
| Taxes, insurance & HOA | $480.92 | $480.92 | $480.92 |
| Total housing payment | $2,372.17 | $4,012.75 | $4,966.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,362
Closing costs & prepaids$16,744
Usable credit−$0
Total buyer cash needed$87,106
Earnest money paid−$0
Remaining funds due$87,106
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,003.19
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)$667.75
Initial HOA (3 months)$275.01
Prepaid interest, first (1 days)$31.56
Prepaid interest, second (1 days)$48.62
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 8 moOf the original 30-year loan at 2.875%
Interest already paid$65,837Through Nov 2026
Assumption only · ends Jul 2051$159,171
Assumption + second · ends Jul 2051, second Dec 2056$520,781
New conventional · ends Dec 2056$954,888