Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,070/mo
Lowest payment- Down payment
- $198,052
- Funds due
- $211,606
- Interest + MI left
- $127,477
- First ends
- Apr 2051
Assumption
Assumption + second
$3,119/mo
+$1,049/mo- Down payment
- $55,052
- Funds due
- $69,887
- Interest + MI left
- $362,219
- First ends
- Apr 2051
New loan
New conventional
$3,960/mo
+$1,890/mo- Down payment
- $55,052
- Funds due
- $65,578
- Interest + MI left
- $750,622
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,948 | $351,948 | $494,948 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,636.27 | $1,636.27 | $3,426.92 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | — | — | $98.99 |
| Taxes, insurance & HOA | $433.67 | $433.67 | $433.67 |
| Total housing payment | $2,069.93 | $3,119.22 | $3,959.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,052
Closing costs & prepaids$14,836
Usable credit−$0
Total buyer cash needed$69,887
Earnest money paid−$0
Remaining funds due$69,887
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,759.74
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)$513.00
Initial HOA (3 months)$288.00
Prepaid interest, first (1 days)$25.75
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 2.670%
Interest already paid$56,578Through Nov 2026
Assumption only · ends Apr 2051$127,477
Assumption + second · ends Apr 2051, second Dec 2056$362,219
New conventional · ends Dec 2056$750,622