Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,520/mo
Lowest payment- Down payment
- $186,063
- Funds due
- $197,490
- Interest + MI left
- $91,954
- First ends
- Apr 2051
Assumption
Assumption + second
$2,569/mo
+$1,049/mo- Down payment
- $43,063
- Funds due
- $55,772
- Interest + MI left
- $326,696
- First ends
- Apr 2051
New loan
New conventional
$3,130/mo
+$1,610/mo- Down payment
- $43,063
- Funds due
- $52,107
- Interest + MI left
- $586,664
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $243,837 | $243,837 | $386,837 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,146.04 | $1,146.04 | $2,678.38 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | — | — | $77.37 |
| Taxes, insurance & HOA | $374.08 | $374.08 | $374.08 |
| Total housing payment | $1,520.13 | $2,569.41 | $3,129.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,063
Closing costs & prepaids$12,708
Usable credit−$0
Total buyer cash needed$55,772
Earnest money paid−$0
Remaining funds due$55,772
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,299.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,219.18
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)$438.25
Initial HOA (3 months)$234.00
Prepaid interest, first (1 days)$18.50
Prepaid interest, second (1 days)$31.34
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 2.770%
Interest already paid$40,622Through Nov 2026
Assumption only · ends Apr 2051$91,954
Assumption + second · ends Apr 2051, second Dec 2056$326,696
New conventional · ends Dec 2056$586,664