Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,107/mo
Lowest payment- Down payment
- $289,078
- Funds due
- $303,618
- Interest + MI left
- $120,991
- First ends
- Mar 2051
Assumption
Assumption + second
$3,726/mo
+$1,619/mo- Down payment
- $63,078
- Funds due
- $78,916
- Interest + MI left
- $477,864
- First ends
- Mar 2051
New loan
New conventional
$4,538/mo
+$2,431/mo- Down payment
- $63,078
- Funds due
- $74,614
- Interest + MI left
- $849,044
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,920 | $333,920 | $559,920 |
| Second mortgage | — | $226,000 | — |
| First P&I | $1,557.92 | $1,557.92 | $3,876.77 |
| Second P&I | — | $1,619.09 | — |
| Mortgage insurance | — | — | $111.98 |
| Taxes, insurance & HOA | $549.33 | $549.33 | $549.33 |
| Total housing payment | $2,107.25 | $3,726.34 | $4,538.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,078
Closing costs & prepaids$15,838
Usable credit−$0
Total buyer cash needed$78,916
Earnest money paid−$0
Remaining funds due$78,916
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$6,229.98
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,669.60
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)$775.00
Initial HOA (3 months)$372.99
Prepaid interest, first (1 days)$24.52
Prepaid interest, second (1 days)$47.99
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$54,753Through Nov 2026
Assumption only · ends Mar 2051$120,991
Assumption + second · ends Mar 2051, second Dec 2056$477,864
New conventional · ends Dec 2056$849,044