Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,871/mo
Lowest payment- Down payment
- $240,945
- Funds due
- $258,105
- Interest + MI left
- $186,647
- First ends
- Oct 2051
Assumption
Assumption + second
$4,104/mo
+$1,233/mo- Down payment
- $72,945
- Funds due
- $91,392
- Interest + MI left
- $462,428
- First ends
- Oct 2051
New loan
New conventional
$5,273/mo
+$2,402/mo- Down payment
- $72,945
- Funds due
- $86,258
- Interest + MI left
- $988,885
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $484,055 | $484,055 | $652,055 |
| Second mortgage | — | $168,000 | — |
| First P&I | $2,243.15 | $2,243.15 | $4,514.70 |
| Second P&I | — | $1,232.72 | — |
| Mortgage insurance | — | — | $130.41 |
| Taxes, insurance & HOA | $628.33 | $628.33 | $628.33 |
| Total housing payment | $2,871.48 | $4,104.21 | $5,273.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$72,945
Closing costs & prepaids$18,447
Usable credit−$0
Total buyer cash needed$91,392
Earnest money paid−$0
Remaining funds due$91,392
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,420.28
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,001.00
Initial HOA (3 months)$234.00
Prepaid interest, first (1 days)$36.74
Prepaid interest, second (1 days)$36.82
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 11 moOf the original 30-year loan at 2.770%
Interest already paid$72,843Through Nov 2026
Assumption only · ends Oct 2051$186,647
Assumption + second · ends Oct 2051, second Dec 2056$462,428
New conventional · ends Dec 2056$988,885