Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,632/mo
Lowest payment- Down payment
- $269,484
- Funds due
- $282,288
- Interest + MI left
- $98,074
- First ends
- Apr 2051
Assumption
Assumption + second
$3,180/mo
+$1,547/mo- Down payment
- $53,484
- Funds due
- $67,584
- Interest + MI left
- $439,156
- First ends
- Apr 2051
New loan
New conventional
$3,794/mo
+$2,161/mo- Down payment
- $53,484
- Funds due
- $63,747
- Interest + MI left
- $718,782
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,016 | $258,016 | $474,016 |
| Second mortgage | — | $216,000 | — |
| First P&I | $1,215.32 | $1,215.32 | $3,281.99 |
| Second P&I | — | $1,547.45 | — |
| Mortgage insurance | — | — | $94.80 |
| Taxes, insurance & HOA | $417.08 | $417.08 | $417.08 |
| Total housing payment | $1,632.41 | $3,179.86 | $3,793.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,484
Closing costs & prepaids$14,100
Usable credit−$0
Total buyer cash needed$67,584
Earnest money paid−$0
Remaining funds due$67,584
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,275.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,290.08
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)$601.25
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$19.72
Prepaid interest, second (1 days)$45.86
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 2.790%
Interest already paid$43,285Through Nov 2026
Assumption only · ends Apr 2051$98,074
Assumption + second · ends Apr 2051, second Dec 2056$439,156
New conventional · ends Dec 2056$718,782