Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,110/mo
Lowest payment- Down payment
- $232,025
- Funds due
- $245,768
- Interest + MI left
- $165,192
- First ends
- Jul 2051
Assumption
Assumption + second
$3,372/mo
+$1,262/mo- Down payment
- $60,025
- Funds due
- $75,055
- Interest + MI left
- $447,539
- First ends
- Jul 2051
New loan
New conventional
$4,137/mo
+$2,027/mo- Down payment
- $60,025
- Funds due
- $70,636
- Interest + MI left
- $811,324
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,974 | $362,974 | $534,974 |
| Second mortgage | — | $172,000 | — |
| First P&I | $1,784.35 | $1,784.35 | $3,704.05 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | — | — | $106.99 |
| Taxes, insurance & HOA | $325.83 | $325.83 | $325.83 |
| Total housing payment | $2,110.18 | $3,372.25 | $4,136.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,025
Closing costs & prepaids$15,030
Usable credit−$0
Total buyer cash needed$75,055
Earnest money paid−$0
Remaining funds due$75,055
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,949.99
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,814.87
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)$33.50
Initial HOA (3 months)$444.00
Prepaid interest, first (1 days)$32.32
Prepaid interest, second (1 days)$37.70
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 3.250%
Interest already paid$67,172Through Nov 2026
Assumption only · ends Jul 2051$165,192
Assumption + second · ends Jul 2051, second Dec 2056$447,539
New conventional · ends Dec 2056$811,324