Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,784/mo
Lowest payment- Down payment
- $217,088
- Funds due
- $233,089
- Interest + MI left
- $194,340
- First ends
- Nov 2051
Assumption
Assumption + second
$3,863/mo
+$1,079/mo- Down payment
- $70,088
- Funds due
- $87,371
- Interest + MI left
- $435,648
- First ends
- Nov 2051
New loan
New conventional
$5,014/mo
+$2,230/mo- Down payment
- $70,088
- Funds due
- $82,270
- Interest + MI left
- $955,304
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $482,912 | $482,912 | $629,912 |
| Second mortgage | — | $147,000 | — |
| First P&I | $2,257.51 | $2,257.51 | $4,361.38 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | — | — | $125.98 |
| Taxes, insurance & HOA | $526.83 | $526.83 | $526.83 |
| Total housing payment | $2,784.34 | $3,862.97 | $5,014.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,088
Closing costs & prepaids$17,283
Usable credit−$0
Total buyer cash needed$87,371
Earnest money paid−$0
Remaining funds due$87,371
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$7,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,414.56
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)$747.50
Initial HOA (3 months)$333.00
Prepaid interest, first (1 days)$37.97
Prepaid interest, second (1 days)$32.22
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 closing25 yrOf the original 30-year loan at 2.870%
Interest already paid$73,894Through Nov 2026
Assumption only · ends Nov 2051$194,340
Assumption + second · ends Nov 2051, second Dec 2056$435,648
New conventional · ends Dec 2056$955,304