Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$897/mo
Lowest payment- Down payment
- $331,251
- Funds due
- $342,143
- Interest + MI left
- $40,817
- First ends
- Mar 2051
Assumption
Assumption + second
$2,946/mo
+$2,049/mo- Down payment
- $45,251
- Funds due
- $57,454
- Interest + MI left
- $492,435
- First ends
- Mar 2051
New loan
New conventional
$3,211/mo
+$2,314/mo- Down payment
- $45,251
- Funds due
- $54,406
- Interest + MI left
- $604,498
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,649 | $112,649 | $398,649 |
| Second mortgage | — | $286,000 | — |
| First P&I | $525.57 | $525.57 | $2,760.17 |
| Second P&I | — | $2,048.94 | — |
| Mortgage insurance | — | — | $79.73 |
| Taxes, insurance & HOA | $371.00 | $371.00 | $371.00 |
| Total housing payment | $896.57 | $2,945.51 | $3,210.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,251
Closing costs & prepaids$12,202
Usable credit−$0
Total buyer cash needed$57,454
Earnest money paid−$0
Remaining funds due$57,454
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,439.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$563.24
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$528.00
Initial HOA (3 months)$135.00
Prepaid interest, first (1 days)$8.27
Prepaid interest, second (1 days)$60.73
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 4 moOf the original 30-year loan at 2.680%
Interest already paid$18,471Through Nov 2026
Assumption only · ends Mar 2051$40,817
Assumption + second · ends Mar 2051, second Dec 2056$492,435
New conventional · ends Dec 2056$604,498