Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,228/mo
Lowest payment- Down payment
- $330,926
- Funds due
- $343,023
- Interest + MI left
- $65,044
- First ends
- Feb 2051
Assumption
Assumption + second
$3,234/mo
+$2,006/mo- Down payment
- $50,926
- Funds due
- $64,333
- Interest + MI left
- $507,187
- First ends
- Feb 2051
New loan
New conventional
$3,623/mo
+$2,395/mo- Down payment
- $50,926
- Funds due
- $60,954
- Interest + MI left
- $680,961
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,074 | $169,074 | $449,074 |
| Second mortgage | — | $280,000 | — |
| First P&I | $804.53 | $804.53 | $3,109.30 |
| Second P&I | — | $2,005.95 | — |
| Mortgage insurance | — | — | $89.81 |
| Taxes, insurance & HOA | $423.67 | $423.67 | $423.67 |
| Total housing payment | $1,228.20 | $3,234.15 | $3,622.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,926
Closing costs & prepaids$13,407
Usable credit−$0
Total buyer cash needed$64,333
Earnest money paid−$0
Remaining funds due$64,333
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,000.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$845.37
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)$570.00
Initial HOA (3 months)$201.00
Prepaid interest, first (1 days)$13.16
Prepaid interest, second (1 days)$59.45
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 3 moOf the original 30-year loan at 2.840%
Interest already paid$29,797Through Nov 2026
Assumption only · ends Feb 2051$65,044
Assumption + second · ends Feb 2051, second Dec 2056$507,187
New conventional · ends Dec 2056$680,961